If you’ve noticed a “TRS” bank deposit in your account and are curious about its origin, it’s likely your Income Tax Refund being deposited by Republic Bank. Many financial institutions—such as Republic Bank, Pathward Financial (eps), and Santa Barbara Bank & Trust—use abbreviations like “trs” or “xfers” for bank transfers. These deposits are your tax refund, either from the State or Federal. “RT” stands for Refund Transfer, most often processed by Republic Bank & Trust Company, or Santa Barbara Bank, or Pathway eps financials.
The Refund Transfer payment option is what you agreed upon when you had your tax return prepared by a Tax Practitioner, or at a Tax Store such as LA PREMIER TAX, Jackson Hewitt, H & R Block, or any tax service offering refund transfer services. By choosing this option, you agreed to have the tax preparation fee substracted from your tax refund thereby lowering the amount of money you will received. These places also charged a fee for such service. The average fee is between $39.99 – $49.99 for the bank service. The IRS sends your tax refund to the financial institution you are working with and the financial institution will deduct their fees including the tax preparer fee. The difference get deposited into your bank account.
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