How to cash tax refund online
So you filed your federal income tax return a while back and got your tax refund check in the mail. You can surely go to the nearest bank branch and cash it but doing it online is also an option. Nonetheless, this works with only some banks.
Cash tax refund through mobil bank
Some banks allow their customers to cash their tax refunds online. You can do this by snapping a picture of both sides of the check on the mobile application. Your bank will then cash the check but it might take a while to do so and you probably won’t have access to the funds right away. Still, it will take less than going for a trip to the bank.
Additionally, your bank may ask for additional details about your check or your original tax return. The reason for this is to verify your identity. Last not but least, you may also be asked to enter a code you received from the phone number associated to your bank account or the mobile application profile.
Not all taxpayers have a bank account. Otherwise, why would you request a paper check instead of the IRS depositing the refund amount to your bank account? Having said that, you will need to look for other options.
There are plenty of third-party companies that cash out checks online for a commission. However, these companies usually have high fees; anywhere from 2 to 4 percent, which is a lot! Compared to a bank, the fee is a maximum of $10. Unless you have no other options, we highly suggest taking the trip to the bank and cashing out the check there.
Besides, you don’t have to go to a bank you have an account. Any bank or financial institution that cashes out checks will cash out your tax refund check. The fees you pay will be incomparable to what the above mentioned third-party companies ask.