3 Out Of 4 Americans Opt for Direct Deposit Tax Refunds
Tax season is in full swing, and Americans want their refunds as quickly and conveniently as possible. According to research from ACI Worldwide, 74% of Americans choose to have their tax refunds direct deposited.
Surprisingly, Millennials were more likely to ask for a refund check than Baby Boomers: 17% of Millennials and Gen Xers choose to get a check in the mail, compared to 14% of Baby Boomers.
One in three Americans say their tax refunds are larger than their average paychecks, including 43% of Millennials. A survey from Barclays US Consumer Bank found that 63% of Americans would rather get a bigger tax refund than a higher paycheck.
For Americans who owed money on their taxes, electronic funds withdrawal is the preferred payment option. Less than 10% of taxpayers choose to pay in cash.
Two-thirds of respondents said they had never experienced tax fraud, but most Americans are aware of them. Nearly two of every three know about phone scams and identity theft associated with tax preparation, and 61% are aware of email scams. Millennials were the least knowledgeable about tax scams: 23% of this age group did not know tax scams existed, compared to just 11% of Baby Boomers.