Use Direct Deposit to Receive Your Refund Tax Refund Quickly and Securely

Believe it or not, it’s that time again. Tax season is upon us. As you prepare your information, be sure to request your tax refund through the fastest option possible: direct deposit. Eight out of ten taxpayers already use this secure and reliable method, according to the IRS.

Why use direct deposit to receive your refund?

It’s free and it virtually eliminates the chance of your refund check getting lost, stolen or destroyed since your refund goes straight into your bank account. Plus, you’ll get the refund faster because it’s electronic and doesn’t have to travel through the mail.

How can you receive your refund via direct deposit?

When you file your taxes, you will need to indicate your refund method. If you use tax software, you can select the option and provide your bank account number and routing number. Similarly, if you file by paper, mark direct deposit on your return and provide your bank account and routing number.

Where can you find your bank account and routing number?

Hillcrest Bank's routing number is 101002716 or you can also find it here:

• On a check, the routing number is the nine-digit number in the bottom left corner, while your account number is the number directly to the right of it.
• Log in to our Hillcrest Mobile Banking App and click on Account Details, or in Online Banking, click on the account and your account number will display to the right under account details.

How can you track your refund?

Use the IRS Where’s My Refund? tool to track the status of your refund. You can also use the IRS2Go official mobile app.

What is the smartest way to use my tax refund?

Receiving your tax refund can feel like you’ve won “extra” money. But it’s important to remember the money was yours all along. If you make responsible choices with your tax refund, you’ll set yourself up to be more financially stable throughout the year and perhaps save discretionary income for things like vacations or new clothes.

Here are some ways to leverage your tax income for financial stability:

• Pay off credit card debt. Paying down your dues will allow you to relax a little and start the year with a clean slate.
• Add to your emergency fund. You’ll thank yourself when things like medical expenses, car problems, or rent/mortgage constraints come up.
• Boost your retirement fund. Are you on track to be financially secure when it comes time to retire? If you’re behind, contributing your tax return is a great habit to build those savings.
• Fund college. Using a tax refund to help pay for college tuition or expenses will lessen your financial stress or the amount you need to borrow down the road. Consider investing in a 529 plan for tax advantages.
• Add it to your HSA. If your employer offers a health savings account (HSA), you can use it to be prepared when unexpected medical issues arise. Best of all, you can deduct your contributions from your taxable income. Your tax refund is a great way to boost this account.
• Make your hobby a side gig. Maybe this is the year you start selling your famous sourdough or launching your writing side hustle. If you need supplies or technology to make it happen, this could be a great way to invest in yourself.
• Donate to charity. Donating isn’t always easy when we have our own day-to-day expenses. When you receive your tax refund, it’s a great time to pause and consider if you have something to give to the causes that matter most to you.

As always, Hillcrest Bank is here to help you reach your financial goals. If you have any questions about how to set up direct deposit or use your tax refund, don’t hesitate to visit your local banking center or give us a call!