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Tax Refunds: Postings and Exceptions

ACH Curriculum

The IRS issues over 101 million tax refunds on a yearly basis and over 80% of these are via Direct Deposit.  The average refund amount is over $3,000.  With such a high volume, it is imperative that your financial institution handle tax refunds with the utmost care and caution to avoid large dollar losses that can be caused by not understanding the unique requirements of IRS tax refunds.  These requirements address account number/name matching situations, deceased recipients, refunds posting to incorrect accounts, and refunds as exception items.  This session will cover the rights and obligations of the financial institution, accountholder, and tax preparer. What happens when the name and account number do not match?

  • What happens if the account is closed?
  • What happens if the account holder is deceased?
  • What happens if the payments post to the wrong account and who is at fault?
  • What are the rights and obligations of the RDFI, customer, and tax preparer?

Ensure you handle these exceptions correctly to minimize the liability of your financial institution.

  • BONUS: Handouts will include a Quick Reference for Handling Federal Government Tax Refunds According to the Green Book 

Who should attend:  This session is ideal for ACH Operations, Branch Personnel, Compliance Officers and AAP Candidates

>> 1.2 AAP Continuing Education Credits 



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