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Direct deposit and direct debit are two of the fastest ways to send money between your bank account and the IRS. A direct deposit lets you receive money directly into your account, while direct debit lets you send money directly from your account.
Direct deposit: You can deposit your refund into one, two, or even three accounts. Even if you don’t have a checking account, there are other refund options.
Direct debit: You can pay your tax bill directly from your bank account through a process called electronic funds withdrawal. Even if you don’t have a checking account, there are other payment options.
This content is provided for informational purposes only and should not be construed as tax, legal, financial, accounting, or other advice. Rules and regulations vary by location and are subject to change, so please consult with an expert if you need advice specific to you.
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