After giving Uncle Sam a loan out of your pay it’s nice to get a tax refund. And so much the better when it arrives quickly and is immediately available to use. Direct Deposit accomplishes that, and new stats show it’s being used by more Americans this year.
According to the IRS, for the 2021 tax filing season, 104.3 million refunds had been issued as of June 11. Fully 90% of those—nearly 93.9 million refunds—were paid by Direct Deposit. That’s an increase of more than 22% from the same time last year, when 83% of refunds had been made with Direct Deposit.
So far this tax season, the average amount of a Direct Deposit refund is $2,850 with the federal government electronically moving more than $267.5 billion in refunds straight into taxpayers’ accounts at banks and credit unions.
“Whether your tax refund is a few hundred dollars or a few thousand, Direct Deposit is the fastest and easiest way to receive it,” said Michael Herd, Nacha Senior Vice President, ACH Network Administration.