Regions Bank expects many of its customers to again get a jump on federal and state tax refund payments this year.
That’s because of its courtesy Early Pay service, which automatically allows Regions customers with direct deposit to a Regions checking, savings, or money market account – or a Regions Now Card® – to receive qualifying payroll and government direct deposits up to two days early.
Tax refunds are one of those payments.
“With tax season here, we want our customers to again know how Early Pay can help them get refunds faster so they can put that money to work earlier in their budgets,” said Ali Maher, head of Consumer Deposit Products and Payments for Regions’ Consumer Banking Group.
“We know the difference having earlier access to cash can make in people’s lives and continue to look for ways Regions can provide the guidance, advice and support customers need to manage their finances with confidence.”
Regions launched the Early Pay service September 2022 to give customers like Yolanda Delgado another way to manage cashflow and achieve their financial goals.
With tax season here, we want our customers to again know how Early Pay can help them get refunds faster so they can put that money to work earlier in their budgets.
Customers don’t have to enroll in Early Pay, but they do need to have direct deposit set up on their deposit account or Regions Now Card.
When customers eFile their tax returns and provide Regions routing number and their account number (for deposit accounts) or card number (for Now Cards), federal or state tax refunds will be electronically deposited up to two days early – no trip to the bank required and at no additional cost.
According to the IRS, taxpayers are expected to file more than 146 million individual tax returns by the April 15, 2024 deadline this tax season.
Taxpayers can use the Where’s My Refund? tool on IRS.gov to check on their refund’s status. The IRS encourages people to file their tax returns electronically and choose direct deposit for faster refunds.
In 2023, most taxpayers followed that advice. Electronic filing accounted for 95% of the 141.1 million returns received as taxpayers received refunds totaling $262.9 billion. The average direct deposit tax refund of $2,827 was just slightly higher than the $2,753 average for all refunds.
According to the IRS, the federal government issues nine out of 10 refunds in less than 21 days. Expecting a tax refund and unsure about how to put the money to work? Consider these five “Smart Ways to Spend Your Tax Refund.”
Regions Early Pay is a courtesy service provided in the sole discretion of Regions Bank according to criteria established from time to time by Regions Bank. Regions Bank does not guarantee the early availability of any direct deposit or Now Card load. Terms and limitations apply. See Regions Bank deposit agreement and Regions Now Visa® Prepaid Card Terms and Conditions for details.
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