What Bank Does TurboTax Use?

TurboTax is one of the top tax preparation software titles in the United States. Thousands of people save money every year by preparing their taxes using the TurboTax software. It is certainly a lot cheaper than hiring a tax advisor or accountant to do your taxes for you.

In the old days, TurboTax sold its software on CDs. Now it seems like everything is done online because people love digital content. If you want to use TurboTax, you can simply go to their website and choose which tax preparation software package best accommodates your needs.

Once you choose a package and register for a free TurboTax account, you can begin filling in your tax information by answering simple questions about yourself and your income.

If you end up being owed a refund on your income taxes, TurboTax gives you a few options for how you want to receive it. First, you can have the refund electronically deposited to your bank account and have your TurboTax fee deducted from that refund. When TurboTax process refunds, the money goes through Santa Barbara Bank; better known as Santa Barbara Tax Products Group. This is the bank which TurboTax uses.

Another option is that you can have the United States Treasury send you a check by mail or a direct deposit into your bank account.

However, some people may choose the first option because they don’t want to pay their TurboTax fee upfront. When this option is chosen, you are authorizing the federal government to release your refund to TurboTax’s bank, Santa Barbara Tax Products Group. From there, they deduct their fees from your refund total and then electronically send you the difference to your bank account.

One issue is that the wait time may be a lot longer than if you were to just get the government to send you the deposit directly. On top of that, Santa Barbara Tax Products charges a fee.

It is best that you research both TurboTax and Santa Barbara Tax Products’ policies regarding tax refunds. There is a lot of misinformation out there, so it is best that you read their policies to fully understand how your tax refund is processed by both parties.

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