What Is an ACH Charge?
An ACH (Automated Clearing House) charge is an electronic transfer of money between bank accounts. The ACH network is a secure U.S. payment system that banks and businesses use to move funds without paper checks or credit cards.
When an ACH charge is processed:
- A business or individual requests a payment.
- The payment request is sent through the ACH network.
- Funds are withdrawn from or deposited into a bank account.
- The transaction typically settles within 1 to 3 business days.
Why Would TaxSlayer Charge My Bank Account Through ACH?
If you selected File & Go when filing your tax return, you chose to have your TaxSlayer filing fees paid from your federal tax refund.
For File & Go to work, your refund must be issued in time to cover the fees. If your refund is delayed, reduced, offset, or never issued, TaxSlayer may collect the unpaid filing fees from the bank account you authorized during the filing process.
When you agreed to use File & Go, you also authorized TaxSlayer to debit your account for any outstanding filing fees if your refund could not be used to pay them. You can find your agreement by accessing your return > Selecting Review from the left menu > Refund Agreement.
What Is File & Go?
File & Go is a payment option that lets eligible taxpayers pay their filing fees using their tax refund instead of paying upfront at the time they file.
While this option can make filing more convenient, it depends on the refund being released and available to cover the fees owed.
Are ACH Charges Safe?
Yes. ACH payments are widely used by banks, employers, government agencies, and businesses across the United States.
Financial institutions use multiple security measures and strict regulations to protect ACH transactions. Even so, it's always a good idea to review your bank account regularly and verify that all transactions are authorized.
I Don't Recognize the ACH Charge From TaxSlayer. What Should I Do?
- Contact your bank immediately and dispute the charge.
- Contact the IRS to verify that no tax return was fraudulently filed using your information.
- File a police report. If needed, law enforcement may request information related to the transaction through the appropriate legal process.
Key Takeaways
- ACH charges are electronic bank-to-bank transfers.
- TaxSlayer ACH charges are often related to unpaid filing fees associated with File & Go.
- ACH transactions generally take 1 to 3 business days to process.
- Review your bank account regularly to ensure all transactions are accurate and authorized.
- If you do not recognize a TaxSlayer ACH charge, contact your bank and investigate the transaction right away.