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Reply To: People Anticipating 2/6 DD

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  • #4957
    Verucalise

    Just figured everyone floating out there in cyberspace could get together here and update everyone when they receive their 2/6 deposit… my bank has no delays, I always get my DD for everything a day early. So if they are sending out refunds for 2/4 already as I’ve read, maybe we’ll get ours by Monday!

    Update when you receive yours, please! :)

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Anonymous

For Woodforest people I will share what I know.

When your payroll is deposited a day early what is going on is your employers bank sends that information to your bank the day before with notification it is to be transferred from their bank to yours on payday.

When wood forest allows access a day early they are basically loaning you the money a day early at no cost.

The IRS does not send this information to your bank ahead of time. They send the money immediately with the notification. For people with pending notifications at their bank the bank already has the money and needs to process it into their accounts (this is why the IRS says wait 5 days to call after tour DD date). Woodforst is a small bank so it takes almost no time to update into your account unlike larger banks so you will get the money within minutes after they told some money was sent to them for you.

With the IRS sending refunds 24 hours a day they only way you would be told it is pending is if it arrives after the end of their business day at 9 pm.

TL;DR You will not get direct deposit early because the IRS doesn’t send money the same way employers do. If your money shows up early it is because the IRS transmitted it to your bank early not because of Wood forests early release policy.

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