Did you get a deposit into your checking account from TPG PRODUCTS SBTPG LLC?
Or simply TPG Merchandise? Or some model of that?
And did the deposit come from Civista Financial institution? A financial institution that you just’ve by no means heard of?
In that case, you’re in all probability questioning why as a result of the identify is acronym soup and never one thing you anticipated. It has to do together with your tax refund.
TPG PRODUCTS SBTPG LLC stands for:
- TPG stands for Tax Merchandise Group
- SBTPG stands for Santa Barbara Tax Merchandise Group
- And the LLC is simply Restricted Legal responsibility Firm
And Civista Financial institution is the financial institution that SBTPG makes use of.
Typically, the deposit you obtained was your tax refund minus any charges. Many corporations, like TurboTax and TaxSlayer, used Santa Barbara Tax Merchandise Group to course of returns and refunds.
Desk of Contents
Who’s Santa Barbara Tax Merchandise Group?
Santa Barbara Tax Merchandise Group is a tax companies firm that’s owned by Inexperienced Dot Firm. who additionally runs GO2bank and different debit card merchandise. Santa Barbara TPG was based in 1991 and so they present tax-related monetary merchandise like advances on tax refunds, debit playing cards, and so forth. to service suppliers.
They primarily market to tax professionals, like accountants, quite than on to taxpayers.
What’s the TPG Merchandise Deposit?
For those who labored with a tax preparation firm, like a TurboTax or TaxSlayer, and also you requested for one thing aside from a simple deposit of your refund – chances are high it went by means of SBTPG.
For instance, you may choose to have your tax preparation charges deducted out of your tax refund. That’s a service taht SBTPG offers and so your refund will get “routed” (for lack of a greater time period) by means of them to allow them to deduct the payment and switch the remaining to you.
With TurboTax, that is referred to as “Pay With My Refund” however is typically referred to as “Refund Processing Service.” There’s an extra payment related to this feature, on prime of the tax preparation charges, so concentrate on that (it was $39 in 2022, I’m not sure what the payment is for 2023).
Who’s Civista Financial institution?
For those who opted for Pay With My Refund or one other equally named service from one other tax prep firm, chances are you’ll discover that the direct deposit data in your tax return might have been modified to Civista Financial institution.
If this occurred to me, I’d be frightened too however there’s no purpose to (so long as you opted for the companies).
Santa Barbara TPG works with Civista Financial institution. Civista Financial institution is an FDIC insured financial institution primarily based out of Ohio with 41 home areas in two states. They’re FDIC insured beneath FDIC Cert# 12982, although you don’t have an account there.
What’s occurring is that your tax refund can be despatched there, the charges are deducted, after which the remaining steadiness is distributed to you.
What if there’s a discrepancy?
For those who use the Refund Processing Service, you get a deposit in your tax refund minus tax preparation charges and minus the Refund Processing Service payment.
For those who discover a discrepancy within the deposit quantity, the best choice is to contact Santa Barbara TPG at 800-779-7228 or go to the TPG web site for taxpayers to test in your refund switch particulars.
Who Makes use of Santa Barbara Tax Merchandise Group?
I don’t have an exhaustive checklist of the tax preparation corporations that use Santa Barbara TPG however I think lots of native tax accountants in all probability do – it’s a compelling method for them to supply companies reserved for bigger corporations.
From what I can inform, many of the nationwide tax preparation companies use them together with TurboTax, TaxSlayer, Jackson Hewitt, eTax, and TaxAct.
