If you’ve spotted a “TRS” deposit in your bank account and aren’t sure where it came from, it’s most likely your income tax refund being issued through Republic Bank or some other financial institution. Many financial institutions—including Republic Bank, Pathward Financial (EPS), and Santa Barbara Bank & Trust—use abbreviations like “TRS” or “XFERS” to label electronic transfers. These entries usually represent your state or federal tax refund. You may also see “RT,” which stands for Refund Transfer, a service frequently processed by Republic Bank & Trust Company, Santa Barbara Bank, or Pathward/EPS Financial.

A Refund Transfer is a payment method you agreed to when you had your taxes prepared—whether through a tax professional or a tax preparation service such as LA PREMIER TAX, Jackson Hewitt, H&R Block, or similar providers. By choosing this option, you allowed your tax preparation fees to be deducted directly from your refund, which means the amount you receive is reduced accordingly. These services typically charge an additional bank fee for processing the Refund Transfer, usually ranging from $39.99 to $49.99.

Here’s how it works: The IRS sends your tax refund to the financial institution partnered with your tax preparer. The bank then deducts its service fee, along with the tax preparer’s fee. Whatever remains is deposited into your account. This is why your refund may be slightly lower than expected—and why you may see “TRS” in your transaction history.