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Want to Receive Your Tax Refund Faster?

income tax refund check

It's tax season and many taxpayers are expecting tax refunds. The fastest way to receive your refund is to use IRS e-file. Submit your tax return electronically using IRS Free File, paid tax preparer, or commercial tax software. Have your refund deposited directly into your account and receive it in as few as 10 days.

Some people want their money even faster and choose to receive a "refund anticipation loan" or RAL. The come-on for a RAL is that you may receive the money as quickly as the next day. What's the problem? It is a loan and you will be paying interest to borrow your own money just for the privilege of receiving it only a week or 10 days earlier than if you had it deposited directly in your account. In addition, if the IRS does not pay the total refund you anticipate or freezes your refund, you will still have to pay back the full sum you borrowed.

If you need your money sooner, your credit union has options that are less expensive than a RAL. BayPort Credit Union offers personal loans and FlexLine lines of credit.

For more information

Information for e-file from the IRS

Get your refund faster — Tell IRS to Direct Deposit Your Refund to One, Two, or Three Accounts

Refund Anticipation Loans (RALS) FAQs from the Wisconsin Department of Revenue

One Last Bite: Final Year for Bank Tax Refund Anticipation Loans from the National Consumer Law Center and the Consumer Federation of America