April is Financial Education Month, an ideal time to review your finances and make smart decisions to protect your money. One of the biggest financial events of the year is tax season, and if you’re getting a refund, it’s important to know how to handle it properly. In this post, we’ll provide some helpful tips from the Federal Deposit Insurance Corporation (FDIC) to help you process your refund safely and efficiently.

Direct Deposit is the Best Option

Direct deposit is the fastest, safest, and most secure way to receive your tax refund. When you use the IRS direct deposit program, your refund is deposited directly into your account, reducing the risk of losing checks in the mail or someone stealing it from your mailbox. Not only is it free, but it’s also immediately accessible when it hits your bank account, so you can start using it right away.

Prepaid Cards are an Option, but Watch Out for Fees

Although funds deposited to a prepaid card is an option, be sure to read the fine print for fees that may be assessed for usage. Prepaid cards can be a good option for people who don’t have a bank account, but they often come with fees, so it’s important to be aware of them before you sign up.

Protect Your Identity

It’s essential to protect your identity during tax season. The IRS will never call you for any reason unless you initiate the phone call and ask to be called back to prevent from holding long periods for someone to speak with you. Be wary of scammers posing as IRS agents. If you receive a call or an email from someone claiming to be from the IRS, do not provide any personal information, and report the incident to the IRS.

Use the Split Refund Option

Did you know that the IRS can split your refund in up to three ways? It is a free service that allows recipients to spend, save, and pay down debts such as credit cards and other loan products such as mortgage. This is an excellent option to help you manage your finances and reach your financial goals.

Make Your Money Work for You

If you’re getting a refund, let your money work for you. Take steps to secure, save, and pay down debts using your refund! This is a great opportunity to improve your financial situation by paying off high-interest debts, building up your emergency fund, or investing in your future.

In conclusion, tax season can be a stressful time, but by following these tips, you can process your refund safely and efficiently. Remember to protect your identity, use direct deposit, and make your money work for you. By following these simple steps, you can set yourself up for financial success and achieve your financial goals. in the mail or someone removing it from your mailbox or your mail clerk being held up and robbed of his/her bag contents. Yes, people are still doing that. Although funds deposited to a pre-paid card is an option, be sure to read the fine prints for fees that may be assessed for usage.