How is Republic Bank getting away with such nonsense?

First if the IRS states that you were supposed to receive your refund on Feb. 5 that is when the refund is deposited into Republic Bank. The IRS only releases the refund to Republic Bank and that is where their knowledge of the tranaction stops. Once Republic Bank receives your refund they will deduct your fee for using the Tax Act program. They will then release your refund minus the fees through the Automated Clearing House (ACH) process, which is how it will get to your Bank of America account. This is not a new process or law it is how financial transactions have occurred for years. I don't think Republic lied to you or that anything is out of the ordinary. You are just not allowing enough time for the transactions to take place. Have your checked your Bank of America account today?

I think the other poster was confused. I do understand what you are talking about and I heard the same thing about it having to go through the Federal Reserve. I thought that seemed strange too. It is interesting to know that it is all lies. I to filed through Taxact for the first time this year and was worried last week when I saw that people were not getting their money though when I looked they all seemed to hav it by Monday morning. It is really wrong that they are taking longer to get us our money than any other bank I have ever had to deal with but it is still just 1 business day when you think about it. I just know I better have mine by Monday or I will be calling them. I have always had my fees taken out of my taxes but usually I deal with SBBT and the money is in my account on Friday when it is supposed to be here so this is the last year I will be dealing with Republic Bank.