alleryStart learning →A tax refund taken by direct deposit can be spread across how many accounts?
AUp to two accounts
BUp to five accounts
COnly one account
DUp to three accounts
Answer & Solution
Correct answer: D. Up to three accounts
1. A refund delivered by direct deposit does not have to land in one account.
2. It can be split across checking accounts, savings accounts, or a mix of both.
3. The cap on that split is three accounts.
4. So up to three accounts is the answer, which lets part of the refund go straight to savings.
5. Only one account describes a paper check or an unsplit deposit, not the cap.
_Source: FDIC Money Smart for Adults (September 2018), Module 5: Your Savings, section Apply It: My Quick Tips for Finding Money to Save_
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