Question by jaimeprater2000: When The IRS lists February 12th as a Direct Deposit Date, is that True?
My Return is scheduled to be direct deposited on February 12th, but I thought they only deposited on Fridays?
Answer by Scotty Doesnt Know
The IRS initiates Direct Deposits on Fridays. They list Tuesdays as the dates that your deposit should hit the bank by. Some banks will allow access to the funds as soon as they receive notice of the pending transaction on Friday. Others will allow access to the funds on the day they’re posted (Monday). A few financial institutions won’t allow access until after the day AFTER the transaction is posted (Tuesday). So, the IRS covers itself by saying the deposit will be completed BY Tuesday.
The odd day may have something to do with the upcoming banking holiday on February 16th (President’s Day).
What do you think? Answer below!