Taxpayers Who Have Their Tax Refund Directly Deposited To Their Spruce Account Can Receive Their Federal Tax Refund Up To Five Days Sooner
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Taxpayers Who Have Their Tax Refund Directly Deposited To Their Spruce Account Can Receive Their Federal Tax Refund Up To Five Days Sooner

KANSAS CITY, Mo., Feb. 28, 2022 // GLOBE NEWSWIRE // - Receiving an annual tax refund is a significant financial event for most Americans. But when it comes to determining what to do when the refund comes, many consumers say they are conflicted, according to a study from H&R Block (NYSE: HRB)1 . The survey shows that while 73% of those who struggle financially intend to save some or all of their tax refund, only 44% do, with many citing unexpected expenses as the top reason they are unable to save their refund.

“We know that most Americans use their tax refunds to pay for everyday expenses and bills, including millions of customers we work with every year to file their taxes accurately and on time,” said Les Whiting, chief financial services officer of H&R Block. “We understand how important of a financial event the tax refund is to our customers. That’s why it’s critical we help our customers get every dollar they deserve.”

Get your tax refund up to five days early with Spruce
H&R Block’s new mobile banking platform Spruce can offer Americans the opportunity to get their federal tax refund up to five days sooner when they elect to have their refund deposited directly into their Spruce spending account.

According to the H&R Block study, almost 65% of Americans admit they should pay closer attention to their spending. Building an emergency fund is the top purpose when consumers save their tax refund (37%), but 29% of those surveyed didn’t have a specific purpose in mind. And that’s where Spruce can help.

“We believe we can help consumers be more intentional and therefore more successful in how they spend or save their tax refund in order to meet their financial goals,” said Whiting.” Spruce helps consumers create an emergency fund as the opportunity to set money aside for specific goals so that they purposefully use their tax refund to meet their financial goals.”

Spruce helps consumers be good with money through spending, savings, and planning features, including a spending account with a debit card and a connected savings account.

1 Research conducted by H&R Block and Qualitrics Surveys, 2,000+ adults ages 18+, Fielded Sept. 15-21, 2021.

Early access to federal refunds depends on the timing of the IRS’s submission of the payment. These funds are generally made available to you the day the payment instruction is received, which in the case of federal tax refunds may be up to 5 days earlier than the scheduled payment date. Early access requires deposit of federal refund directly into your Spruce Spending Account and is not available if you choose a Refund Transfer or other account to first receive your refund. Not available for state refunds. This program may be changed or discontinued at any time.




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