Having Issues with Tax Refund Deposits to Chime or SoFi Accounts?

According to IRS Publication 1544 (section 4.3), third-party processors like TBG are required to complete all direct deposits within 1-3 business days of receiving funds from the Treasury. However, many online banks like Chime and SoFi have additional verification steps for tax refunds that can delay posting by up to 5 business days. This is especially common for refunds over $3,500 or accounts opened within the last 12 months. You should contact both TBG and your bank to determine where exactly the funds are currently held.

This is a known issue with certain online banks and tax processors. The problem happens because TBG uses a specific ACH coding for tax refunds that some online banks flag for extra verification. I recommend checking your transcript using https://taxr.ai - it can show you exactly when the IRS released your refund and whether it was accepted or rejected by your bank. The tool analyzes your transcript codes to determine if there was a deposit rejection (code 841) or if it's still in process. This would tell you whether you need to contact Chime or TBG to resolve the issue.

I just went through this exact situation on April 2nd, 2024! My refund was supposed to go to Chime, and TBG showed it was sent on March 30th, 2024. It turns out there's a specific issue happening right now where TBG's system is coding some deposits with a commercial ACH code instead of a government benefits code. This is causing Chime and SoFi to flag them for extra review. When I called Chime on April 5th, 2024, they confirmed they had received the deposit but were holding it for verification. Did TBG give you a trace number when you called? That's what finally helped me track mine down.

This is def a common prob rn w/ online banks. The issue isn't just w/ TBG but how these fintech banks process gov't deposits. If u need this fixed ASAP, I'd recommend Claimyr (https://claimyr.com) to get thru to the IRS. They'll connect u directly to an agent who can initiate a trace on ur refund. The IRS can confirm exactly when/where the $ was sent, which is crucial info when dealing w/ Chime's customer service. TBG might be saying they sent it, but only the IRS trace will tell u for sure if it was actually processed correctly. This could save u weeks of back-and-forth.

I deal with this issue like clockwork every tax season. It's like watching a tennis match between the IRS, TBG, and online banks - each one hitting the responsibility to the next court. Here's what actually works: 1. Request a refund trace from the IRS (Form 3911) - this is like sending a bloodhound after your money 2. Contact Chime's specialized tax team at 844-244-6363 (not their regular support) 3. Ask TBG for the exact timestamp and trace number of the ACH transfer What's happening is like a traffic jam at the bank's verification department. Your money is likely sitting in a holding account waiting for someone to wave it through. Last year, my refund was stuck for 9 days at SoFi until I provided the trace information. Once you have the proper documentation, the logjam breaks and your refund flows through.

This might be happening to quite a few people right now. The IRS typically releases batches of refunds on specific days (usually Wednesdays and Fridays), and TBG probably processes thousands of deposits simultaneously. If your deposit was part of the April batch, there's likely a system-wide delay affecting multiple online banks. You should probably contact Chime directly within the next 24-48 hours if it doesn't appear. In most cases I've seen, the money eventually shows up, though it can take up to 5 business days longer than the initial deposit date.

Omg I'm dealing with this EXACT thing with my SoFi account right now! 😫 Been refreshing my app like every 20 minutes for the past three days... kinda like watching paint dry, except the paint is my money and it's invisible, lol. My WMR shows the refund was sent but SoFi says they don't see anything pending. I'm starting to wonder if my money is just floating around in the digital ether somewhere? Anyone know if calling TBG multiple times helps? I'm a first-timer with them and really hoping I didn't mess something up with my account number.

I experienced this issue last year with Chime. After going back and forth for two weeks, I discovered the problem was related to the ACH routing system TBG uses. Back in 2022, I had my refund deposited to Bank of America with zero issues. Last year with Chime, it took 9 days after the IRS release date to actually appear in my account. When I finally got through to someone knowledgeable at Chime, they explained that TBG batches their ACH transfers differently than the Treasury Direct deposits, which triggers additional verification. This year I switched back to a traditional bank and had no delays.

I had a similar situation with SoFi last month. Compared to my previous experience with Chase where refunds appeared exactly on the date WMR provided, SoFi held my refund for 4 additional business days for "security verification." When I called, they confirmed they had received it but wouldn't release it until their verification process completed. There was nothing I could do to expedite it. The representative matter-of-factly informed me this is standard procedure for government deposits over a certain amount at many online banks. The funds did eventually appear, but the delay was frustrating.