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. This deposit is your tax refund, and “RT” stands for Refund Transfer, most often processed by Republic Bank & Trust Company.
A Refund Transfer is an option you agreed to when you had your tax return prepared by a professional, such as LA PREMIER TAX, Jackson Hewitt, H & R Block, or any tax preparer offering refund transfer services. By choosing this option, you elected to have thr tax preparation fee deducted from your tax refund. As a result, the IRS sends your tax refund to the financial institution working with your tax preparer.
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