I think this pretty much clears up WHEN they will release PATH Refunds..

[AM88]

For all of you saying that the IRS won’t release them ON the 15th, that we will just be able to see a WMR update on the 15th.. Here is this:

“The IRS will begin releasing EITC and ACTC refunds starting Feb. 15. However, the IRS cautions taxpayers that these refunds likely won’t arrive in bank accounts or on debit cards until the week of Feb. 27 (assuming there are no processing issues with the tax return and the taxpayer chose direct deposit). This additional period is due to several factors, including banking and financial systems needing time to process deposits.”

The IRS WILL begin releasing refunds STARTING Feb. 15th. Does that mean you will get it ON the 15th? No. Does that mean if you filed 2/4 that you will be released on the 15th? No.

It just simply means refunds will start to be released from the federal reserve on the 15th. It means that the early filers will most likely be released on the 15th. The later you filed, the later it will be released, up until the end of the week of 2/27. They are only starting on the 15th, it doesn’t mean it will be finished on the 15th or that everybody’s will be released the 15th.

No matter what form of Government you are dealing with, they will always give you a LATER date than they estimate. THEY WILL ESTIMATE A DATE, THEN LOOK AT THE WORST CASE SCENARIO BASED ON THAT ESTIMATED DATE, THEN GIVE YOU A DATE OF A WEEK AFTER THE WORST CASE SCENARIO. The IRS are HEROS when your refund hits your account earlier than the date they gave you and the worst people in the world when they are late. Obviously, they are not going to say that ON the 15th you will have your money, then have it take 2 days for processing, then Monday is a holiday, and then your bank (some banks do) holds it for 4 days and now here we are at the 27th and you’ve called the IRS 1,037,294 times since the 15th. No. They estimate 1-2 days processing, 3-4 hold by banks, etc. etc.

So, this doesn’t mean expect it on the 15th. This doesn’t guarantee you will even get your money this week. All I am saying is, IF you have a pre-paid card that doesn’t hold deposits, or a bank that processes quickly, AND you filed early…. COULD you see your money a lot earlier than the 27th? Yes.

[Owlo]

@Ellie

That’s exactly why major banks make you wait until the settlement date for your incoming funds transfer. They don’t actually have the money yet. Most Credit unions will give you the money before the settlement date. This is exactly what happens when some people get their paychecks a day or two early. Their bank sees the incoming transfer and gives them the fund before they get them. Mostly credit unions but I’ve heard of some smaller banks that do it too. Credit unions have many benefits over major banks this is one of them.

There is no release date it’s called a settlement date. Which is the date the transaction actually gets settled be it a credit or a debit.

It would still be perfectly legal for them to setup the transfer two days ahead with a settlement date of the 15th.

NACHA sets up the ACH rules you can sign up and read them here if you like.
http://www.achrulesonline.org

[Mzbeautyqueen]

So basically the people that filed on the 26th and or got the path act will get refund on the 15th???? Because that will be the 21 days

[Mzbeautyqueen]

So basically the people that filed on the 26th and or got the path act will get refund on the 15th????

[Ellie]

@ owio.

Not sure where you bank at but NO bank I know of is gonna front you their money w.o charging you for it example as in OD fees for using money you don’t have. Banks are not charitable organizations…. They are in business to make money lol

The ACH deposit will come with a release date. It will sit there behind the scenes till that date. Period.

Refund anticipation loans are different. A lender gives you the funds up front based on how big or little of a risk you are. And charges dearly for it.

We will get the money when they are damn good and ready to give it to us.

Which does not look like it will be as soon as we want it unfortunately.

If this is the law now going forward I guess we all need to plan differently and budget for Feb too.

I am sure in a few years this longer wait will become routine. Sigh

[Renae]

@sasha
That’s a pending deposit. Are you part of the path act? Or no credits?

[Txgal]

I have a cycle code of 20170505 does anyone know what date that is?

[Sasha]

I checked the tpg website my green dot card sent me to and it’s showing they received my refund but it’s not in my card yet what’s this mean

[Owlo]

It occurred to me after posting that it would still be possible with this type of transfer for people with PATH to receive their refunds before the 15th as the IRS would still be holding the funds until the 15th. It would be your banks money that would technically be disbursed to you then the IRS and bank would settle on the 15th.

Perhaps they will initiate the transfer this evening or tomorrow.

[Owlo]

ACH Settlement dates can be set up to two days after the processing date. There is no mechanism in place to force funds to be held until that date. Once the EFT has been initiated and funds are scheduled with a settlement date it is the bank’s decision if it will give you the money early (as most credit unions do) or hold until they actually receive the funds on the settlement date.

Just a bit about how these transfers work in general.

[AM88]

and also, to further comment on that, even if your bank doesn’t “hold” your money and releases it “immediately”, if the ACH is dated for a future date the “Holding” process wont even begin until the posted date. So, if your bank has a 4 day hold, that wont begin until the date posted on the ACH. Again, even if your funds release immediately, they wont immediately release until it hits the date posted on the ACH.

This is also how a lot of companies do payroll.. They will have Payroll done on Monday, with stubs and ACH’s sent, but you wont get it til Friday. Even if your funds release immediately. This is because they dated it for Friday, when they sent it on Monday, so the bank wont even touch it until Friday.

[AM88]

As I stated in my previous comment: Just because funds get released, doesn’t mean they are able to be accepted.

By law, banks cant even accept ACH transfers until the posted date on the ACH. So, if the ACH comes through on the 13th, but has a date of 2/15 on it, banks will let it sit there in holding until the 15th before accepting it. Just like with a check, if I write you a check and date it 2/15 and you try to cash it today, the bank wont even accept it and if they do, they hold it until the posted date of 2/15 before processing it.

I am not saying this IS what is happening, but with cycle dates of 2/13 and the IRS stating that they will start releasing funds on 2/15, this very well could be happening.

[Frank]

I am also on 04 and my funds get released immediately also and I did not get a deposit.

[Sam]

So i have a 05 cycle but 02/13/2017 as processing. How does that work?

[AM88]

@Anthony

As has been stated by a few people, ACH can be post dated the same as a check. If post dated, the bank is by law required to release the funds or show as pending until the date posted on the ACH. So, people that have an 04 (2/13) processing code, could very well have their money already in transit. The IRS can release funds (whether that be to your bank, SBBT for fees, etc.) with a date of 2/15, the bank then holds those ACH transfers from releasing until the specified date. On the 15th, they are released to SBBT where fees are taken and then funds are immediately transferred to your bank, or if you paid upfront, your bank then releases those funds into your account. However, if your bank holds funds, then once the 15th hits your funds would still be held for the 2, 3 or 4 business days based on your banks policy

So, some people seeing that the IRS specifically said that they would start releasing funds (not necessarily sending but releasing funds) starting ON the 15th, combined with them having a processing date of the 13th, believe that their refunds were processed today but because of the law, wont be released until the 15th.

[Anthony]

@Renae I have an 04 date Wells Fargo dose not hold back in I didn’t get my refund

[Tommy]

@Renae

WHERE DID YOU GET THIS INFO??

[Tommy]

@Renae

WHERE DID YOU GET THIS INFO??

[Leslie]

I also noticed that my “as of” date at the top of my account transcript changed from “as of February 20th” like it stated last week to “as of February 13th” this morning. My processing date has remained February 13th the whole time and there is no 846 yet… but in the past my as of date was usually the same as my 846 date so I anticipate that it will be released to the bank tonight as a pending deposit for the 15th. My cycle date is 20170403 so that would correspond with what this thread is stating. I’m not expecting to see it in the bank before the 15th but the change on my transcript does lead me to believe that it is about to be released as a pending deposit. I don’t know if this info will help anyone or if anyone has paid attention to the “as of” date at the top of the transcript but in case it helps I thought I would share my information!

[AM88]

@bobyl

When I called the IRS and talked to a rep, she stated that returns are being handled and processed and that only the refund portion was being put on hold. However, everything else was still business as usual. I explained that it is kind of disheartening to see ONLY the PATH message and have no clue what was going on with my return. I explained to her that it would be better if they still had the Bars, showed where my return was at in processing, then once it was approved, it would be best if we got a DDD of 2/15, 2/22, etc. with a PATH message below that explaining why our DDD was so far out.. Because as of now, I have no clue if I am approved, being audited, need additional info, etc..

She told me that, since I filed before 1/31 (I filed 1/19), that if anything was wrong with my return then correspondence would have already been sent out and I would have received something about it in the mail by now. That she would also be able to see the correspondence that was sent, on my account, and that she didn’t see a thing. ALSO, that if something was wrong and correspondence was sent out, that my TT152 would change to something in reference to what they sent and not stay as the generic TT152.

I told her that helps me out a little bit, that I feel a little more at ease.. but @bobyl I feel exactly what you’re feeling. I want to know more about what is going on with my return and there is no reason they cant show us everything like they normally do, except with no DDDs before 2/15, and just adding the additional verbiage on top of the normal bars..

[Bobyl]

I think the issue for most is being able to obtain accurate information on the return status. We are referred to a website to check the status of our refund, and it tells us that money will not be released until the 15th, but it doesn’t tell us if there is a problem, have we been processed, etc, etc. Even if they are not releasing funds on the 15th they should still be able to give their infamous scheduled date.

[Renae]

The refunds will be released in three batches, 1st on the 13th, 2nd on the 20th, and last on the 27th. Cycle codes 04 = 13th, 05= 20th, and 06 = 27th. As Tom said, it depends on your financial institution after that date when you actually get your money in your account.

[jakeinga]

When it comes to the Federal Government the only thing guaranteed is that if you talk to 5 bureaucrats and ask each one the same question, you will get six different definitive answers, none of which are any more likely to be correct than the other.

[Tom]

Well, it’s more of an educated guess than speculation… The IRS is going to get it rolling as quickly as they can. They know they are in for a barrage of phone calls. Plus, it serves no purpose to sit on them after the 15th.

[Jennifer Echols]

All we can do is speculate and WAIT….. NOTHING is guaranteed 💯💯💯

[Amanda]

👍

[Tom]

Sir, you are correct!

Again, it all comes down to processing dates… if your transcript says Feb 13th… You should, and I said SHOULD, see it between the 15th and 17th.

[Author]

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