Yes. They are processed 24 hours a day, every day. However they may not show up in your bank account statement before Monday, depending on your bank. Why does it take "7-10 working days" to receive a refund when they were quite able to take the money immediately?
If you're refunded by eCheck, it must clear the sender's bank before you can receive it. Once issued, an eCheck clearing process usually takes up to 5 business days to complete, but in some cases, it may take longer (Saturday, Sunday, and Holidays aren't considered business days).
Once the refund is approved, the transfer of funds from the merchant's bank to your bank can take longer if weekends or holidays fall into the timeframe. Your account may show a pending payment earlier, but the funds won't be available until the actual transaction is completed.
IRS Refund Schedule for Direct Deposits and Check Refunds
The IRS only issued refunds once per week under the old system. They now issue refunds every business day, Monday through Friday (except holidays).
A debit card refund can take as long as ten working days to arrive.
A credit card refund can take several days to process since it has to go through the credit card networks. Depending on your credit card issuer and the merchant, the refund process generally ranges between five to 14 business days. That process can take a bit longer if you first need to ship an item back to a merchant.
The IRS issues more than 9 out of 10 refunds in less than 21 days. However, it's possible your tax return may require additional review and take longer.
Most refunds typically take 5-7 business days (excluding weekends and holidays) to appear in your account once the merchant has issued the refund. If you have questions about a refund you should have received, you should first check with the merchant.
If your due date falls on a Saturday, Sunday, or legal holiday, the due date is moved to the next business day. For the 2023 tax return, the due date for most filers is April 15, 2024 (April 17, 2024, if you live in Maine or Massachusetts).
A debit card refund takes a couple of days to process. In fact, the time frame is generally between 7-10 business days. In the best-case scenario it could take up to 3 days depending on your bank. You might be wondering why your purchase goes through immediately, but the refund takes longer?
No, Saturday is not classed as a business day by banks. Weekends are non-business days for banks, so unless you're using the Faster Payments service, your money transfer won't go through until Monday.
Due to these factors, it's difficult to predict the exact time of day when the IRS will deposit the refund. In most cases, taxpayers receive their direct deposit refunds early in the morning on the expected deposit date.
If day 15 falls on a Saturday, Sunday or legal holiday, the due date is delayed until the next business day. Your return is considered filed on time if your envelope is properly addressed, postmarked and deposited in the mail by the due date.
The IRS has given guidelines this year that 90% of tax filers should receive their refund within 21 days of filing. The IRS works weekends during tax season, so it's 21 days, not "business days".
Use the IRS Where's My Refund tool or the IRS2Go mobile app to check your refund online. This is the fastest and easiest way to track your refund. The systems are updated once every 24 hours. You can contact the IRS to check on the status of your refund.
The office receives your return, does an initial screening, checks it for errors and makes sure that it meets the requirements for filing. If there are no major issues, the IRS will 'accept' your tax return. 'Accepted' simply means that the IRS has received your tax return.
"IRS Accepted Return But Not Approved" Meaning
If a taxpayer receives the status update that their tax return was accepted but not approved, this means that the IRS has received their tax return, but they have not yet evaluated the information. Therefore, the taxpayer must wait to see if more action is required.
The truth is that the bank delays posting the refund to your account because they are making interest off that money while it sits in their bank account. They will delay for the maximum amount of time allowed by law so they can make the maximum amount of interest on the money before giving it to you.
If you call your card Issuer, they will not be able to see that the refund has been processed either. They see it the same time that they make it visable to you.
What happens if I paid for an item with a debit card, but when I returned the item I was refunded cash? It's no different than you pulling funds from your bank account and not returning it to that account. It's just money in your pocket. It causes no problem on your end, but the merchant may be out a transaction fee.
If your refund status used to be your tax return is still being processed, but now the status says it is being processed, the IRS may have detected an issue in your tax return that could cause a delay in the release of your tax refund.
If the IRS is reviewing your return, it may have questions about your wages and withholding, or credits or expenses shown on your tax return. The review process could take anywhere from 45 to 180 days, depending on the number and types of issues the IRS is reviewing.
More than 90 percent of tax refunds are issued by the IRS in less than 21 days, according to the IRS. However, the exact timing of receiving your refund depends on a range of factors, and in some cases, the process may take longer.
If the withdrawal is successful, you will get credit for the day you selected in Direct Pay, though it may take up to two business days to actually process. Payments submitted after 8 p.m. Eastern time for the same day will typically appear as if they were made the next business day in your online account.