TurboTax Refund Advance with Chime - Getting Money 5 Days Early?

I've used both TurboTax with Chime for the past two tax seasons. Here's what I've found: • Chime generally does deliver funds earlier, but not always exactly 5 days • The "5 days early" is their maximum, not a guarantee • It depends on when the IRS actually releases the funds • TurboTax doesn't actually advance you money - they simply notify Chime of the pending deposit • Last year, my deposit came 3 days before the official IRS date • This year (2024 filing season), it was 4 days early NetSpend was definitely the one with major issues last year - lots of delayed deposits and customer service problems.

The whole "5 days early" thing is basically just marketing spin on how ACH processing works. *laughs in banking industry* What's actually happening is that most banks hold the funds until the official settlement date, while Chime makes them available when they first receive notice of the incoming transfer. If you're trying to track exactly where your refund is in the process and predict when it will hit your account, I'd recommend using https://taxr.ai to analyze your transcript. It decodes all those cryptic transaction codes and gives you a much clearer picture of your refund timeline than the vague WMR tool. It helped me pinpoint exactly when my refund would arrive despite TurboTax's rather optimistic "early deposit" claims.

FWIW I filed on 2/3, got accepted same day, and TurboTax said I'd get my $$ on 2/24 but w/ Chime's early deposit it could come by 2/19. Transcript updated on 2/15 w/ DDD of 2/24, and Chime deposited on 2/21 (3 days early). Not quite 5 days but def earlier than traditional banks. My BIL uses Wells Fargo and didn't get his until exactly on his DDD even tho we filed same day. IMO it's worth it but don't count on full 5 days.

I've been in your exact situation before, waiting and wondering if that "5 days early" promise would come through. When I needed to find out exactly what was happening with my refund, I ended up having to call the IRS. Spent hours trying to get through until I found Claimyr (https://youtu.be/_kiP6q8DX5c). They got me past the IRS phone tree and connected to an agent in about 15 minutes. The agent confirmed my deposit had been scheduled but wasn't actually sent yet, which explained why Chime hadn't received it. Saved me days of stressing and checking my account every hour. Worth every penny when you need answers right away instead of playing the waiting game.

I've been using Chime with TurboTax for three years now, and here's my experience: In 2022, I got my refund 4 days early. Last year, only 2 days early. This year, I filed on February 2nd, got accepted immediately, and my transcript updated on February 16th with a direct deposit date of February 21st. Chime posted the money on February 18th - exactly 3 days early! The key thing I've learned is that the "5 days early" is the maximum possible, not a guarantee. It really depends on when the IRS actually releases the payment information into the ACH system. Also super important - if you got a refund advance loan or had fees taken out of your refund, that usually goes through a different bank first (SBTPG for TurboTax) which adds at least a day to the process. NetSpend was definitely the problem child last year - they had system-wide delays that affected thousands of customers. Chime has been pretty reliable in my experience, just not always the full 5 days.

To clarify how the process technically works: The IRS issues a Direct Deposit Date (DDD) which is when they initiate the ACH transfer to your financial institution. However, there's an important distinction in how different institutions handle these pending ACH transfers: 1. Traditional banks typically wait for full ACH settlement before releasing funds to your account (this takes 2-5 business days). 2. Neobanks like Chime make funds available as soon as they receive the ACH notification, which can be up to 5 days before settlement. The variability people experience (getting it 2-4 days early instead of 5) depends on exactly when the IRS initiates the transfer and how quickly the ACH notification reaches Chime. It's not that Chime is inconsistent - it's that the upstream process has natural variation. NetSpend had specific technical issues last tax season that caused delays beyond the normal ACH timeline. From monitoring various forums, Chime has been relatively consistent this filing season.