Turbotax Bank Information

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Eliecer Brathwaite

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Aug 3, 2024, 1:28:43 PM8/3/24

to ciolinsniwood

After using the IRS Where's my refund tool, it notified me that I should have already received my refund over a week ago on the 16th, but TurboTax still shows the status as accepted, but not returned. Upon further investigating I decided to check my 1040 form to see the bank account information. The account routing number traces back to an MVB bank, similar to other people facing this problem. I've only ever had one bank and one account my entire life and yet when I selected "use direct deposit from last tax return" it someone has a new bank account and routing number that I've never seen before!! To make things even worse it seems that TurboTax doesn't allow you to change banking info unless you're filing. What's going on here?!?!?! Did someone somehow change my account information to route to their bank?? Why have I not received a reject notice if so?? Did someone successfully pretend to open an account using my information at this bank as me. I've seen multiple other people mention a similar problem relating to an MVB bank.

The only other explanation I can think is that possibly the money is being transferred to TurboTax through that banking and routing number, and then when they receive it they send it to me. I thought maybe this could be possible, but upon checking my tax return from last year, it shows all my correct banking information. What is happening?!?!?!

You choose to have your fees deducted from your federal refund by a third party bank. The third party bank's information is being shown on the return for the IRS. When the third party bank receives your refund they will take out your fees and send the rest of the refund to your bank or card--whichever direct deposit method you chose.

If you are seeing a different account number, there are a several possibilities. Did you choose to pay any TurboTax fees out of your Federal refund, which uses a temporary bank account provided by SBTPG (aka TPG or Tax Products Group)?

If that's not it, and instead the account numbers you see refer to an MVB Bank account, MVB is the bank that handles the Credit Karma Money Spend account and the Credit Karma Visa Debit Card. Did you choose to have your refund deposited to such a Credit Karma account and card? That possible refund method is offered as an option when one chooses how to receive their refund. If you are seeing a reference to MVB Bank, see if the FAQ below explains your situation:

Another possibility for an account number that's not recognized: Did you happen to have a refund deposited to a brokerage account? Brokerage accounts use various underlying banks to process their funds.

Actually, this is terrible software. This was a bait and switch. Even if you apply for the benefits of Credit Karma's instant loan application, and are denied the loan, TurboTax allows CK to take ownership of the bank account at that time.

Before anyone challenges me, I've used this software for 10 years. I am a Director in IT. I did not read the fine print, nor did I need to in the past. I am sure somewhere in the paperwork, when you sign up for X, and do not get it, CK still gets your money and the interest it bears until you figure it out.

Furthermore, once you figure it out. CK will only allow you to transfer 1000 a day to your account. They will claim that they "increase limits", they wont. You will not have your money in there long enough to build up their "trust". By the way, I didn't find where the money was deposited until 6 days after the IRS said it sent it, and 15 days after CK said it was in their account. NO EMAILS or PHONE CALLS indicating that my taxes have been received. OH AND!!!!! TurboTax is still indicating my taxes as "Approved". I will never use TT or CK again. I needed that money in my account on the 21st at the latest (I waited the 5 business days). I was basically told good luck (they claimed the ticket was escalated, I doubt it).

The answer is TurboTax for Online Banking, a new offering from Intuit Inc. (Nasdaq:INTU), designed to help financial institutions bring more value to customers - and increase deposits - by turning their online banking site into a valuable tax resource. Available for Digital Insight financial institutions to offer in the upcoming tax season, TurboTax for Online Banking won a Best of Show award at Finovate 2009, a conference showcasing the best new innovations in financial and banking technology.

More than $33 billion in tax refunds already flow through TurboTax. More than 90 percent of people who tried TurboTax for Online Banking during pilot testing who received a tax refund direct deposited that refund with the financial institution that offered the service.

Consumers whose financial institutions offer TurboTax for Online Banking can pre-populate their tax forms with tax data from online banking to save time. This will help people quickly and easily prepare, plan and file tax returns within an online banking session; no additional log in required. The solution can also be integrated with FinanceWorks, the award-winning online financial management solution from Intuit's financial institutions division, Digital Insight, to make tax preparation even easier for tax filers.

FinanceWorks helps online banking customers gain greater visibility and control over their spending with access to account information from more than 12,000 financial institutions and credit card sites. This aggregated, actionable view of their entire financial picture lets consumers and small businesses get even more data, such as charitable contributions captured in FinanceWorks, pre-filled to TurboTax Online Banking.

"Only Intuit can integrate the power of TurboTax within an online banking session and add the online financial management capabilities of FinanceWorks," said Sasan Goodarzi, president of Digital Insight and Intuit senior vice president. "TurboTax for Online Banking supercharges what people can do during an online banking session. We believe it will help financial institutions increase their deposits, develop stronger customer relationships and deliver unprecedented value. And it supports financial institutions' efforts to become the primary online financial hub for their customers."

TurboTax for Online Banking guides users through their return, helping them get every deduction and credit to which they are entitled so they get the maximum refund possible. Users can also file their returns electronically and direct deposit refunds in up to three accounts.

"TurboTax for Online Banking brings the best of both worlds to consumers," said Dan Maurer, senior vice president and general manager of Intuit's consumer tax group. "It combines the legendary ease of TurboTax with the ability to easily and quickly transfer information directly from your bank or credit union right into your tax return. It's one more way that we're making tax preparation so easy, consumers can be confident they're getting every dollar they deserve."

Digital Insight is scheduled to roll out TurboTax for Online Banking to all its retail Internet banking clients this fall, at no additional cost. TurboTax for Online Banking will also be available on a limited basis to other financial institutions that want to provide tax preparation capabilities within an online banking session. FinanceWorks is not required to offer TurboTax for Online Banking, but financial institutions that want to deliver the added benefits of integration with FinanceWorks are invited to contact Intuit's financial institutions division, Digital Insight.

Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship products and services, including QuickBooks(R), Quicken(R) and TurboTax(R), simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries(R) and Lacerte(R) are Intuit's leading tax preparation offerings for professional accountants. The company's financial institutions division, anchored by Digital Insight, provides on-demand banking services to help banks and credit unions serve businesses and consumers with innovative solutions.

Founded in 1983, Intuit had annual revenue of $3.2 billion in its fiscal year 2009. The company has approximately 7,800 employees with major offices in the United States, Canada, the United Kingdom, India and other locations. More information can be found at www.intuit.com.

Digital Insight is the leading outsourced provider of online banking services to mid-market banks and credit unions in the United States. The company's extensive portfolio of on-demand applications includes consumer and business Internet banking, online lending, electronic bill payment and presentment, Web site development and hosting, marketing programs designed to help increase online banking end user growth, and more.

Intuit, the Intuit logo, Digital Insight, TurboTax, TurboTax for Online Banking and FinanceWorks, among others, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of their respective owners and should be treated as such.

Intuit, QuickBooks, QB, TurboTax, Credit Karma, and Mailchimp are registered trademarks of Intuit Inc. Terms and conditions, features, support, pricing, and service options subject to change without notice.

This information is subject to change and should not be considered legal or tax advice. Stash does not provide legal or tax advice. If you have questions regarding your personal circumstances, you should consult a tax or legal professional.

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