Why Did I Receive a Deposit from TPG Products SBTPG LLC & Civista Bank?

Did you recently find a deposit in your bank account from TPG PRODUCTS SBTPG LLC? Perhaps it was labeled as TPG Products or something similar. And did the deposit come from Civista Bank, a bank you’ve never heard of? If you’re feeling puzzled, don’t worry. We’ll explain why you received this unexpected deposit and clear up any confusion related to your tax refund.

Who is Santa Barbara Tax Products Group?

Let’s start by introducing Santa Barbara Tax Products Group (SBTPG). Owned by Green Dot Company, who also manages GO2bank and other debit card products, SBTPG is a tax services company established in 1991. They provide a range of tax-related financial services, such as advances on tax refunds and debit cards, primarily targeting tax professionals like accountants rather than individual taxpayers.

What is the TPG Products Deposit?

If you enlisted the assistance of a tax preparation company, such as TurboTax or TaxSlayer, and requested something other than a direct refund deposit, chances are your refund was processed through SBTPG. For instance, you may have chosen to have your tax preparation fees deducted from your refund. SBTPG handles this service by rerouting your refund, deducting the fee, and transferring the remaining amount to you.

TurboTax refers to this option as “Pay With My Refund,” though it may also be called “Refund Processing Service.” Keep in mind that there is an additional fee associated with this option, in addition to the tax preparation fees.

More:  Popular Ways to Transfer Money from Abroad to Vietnam

Who is Civista Bank?

If you opted for “Pay With My Refund” or a similar service from another tax preparation company, you may have noticed that the direct deposit information on your tax return was changed to Civista Bank. Although this change can be concerning, there is no need to worry (provided you chose these services).

Civista Bank is an FDIC insured bank headquartered in Ohio and operates 41 domestic locations across two states. While your account is not with them, Santa Barbara TPG works in collaboration with Civista Bank. This means that your tax refund is sent to Civista Bank, where the fees are deducted before the remaining balance is transferred to you.

What if there is a discrepancy?

If you utilized the Refund Processing Service, you will receive a deposit for your tax refund, with the tax preparation fees and the Refund Processing Service fee deducted. If you notice any discrepancies in the deposit amount, the best course of action is to contact Santa Barbara TPG at 800-779-7228 or visit their website for taxpayers to verify the details of your refund transfer.

Who Uses Santa Barbara Tax Products Group?

While we don’t have an exhaustive list of tax preparation companies that work with Santa Barbara TPG, it is likely that many local tax accountants utilize their services. It presents an attractive opportunity for smaller firms to offer services typically reserved for larger organizations. From what we can gather, most nationwide tax preparation services, including TurboTax, TaxSlayer, Jackson Hewitt, eTax, and TaxAct, rely on Santa Barbara TPG for their processing needs.

More:  Honda HR-V: How Much Cargo Space Does it Have?

Now that you have a better understanding of the TPG Products SBTPG LLC deposit and its association with Civista Bank, you can put any worries to rest. Rest assured that your tax refund is being handled appropriately and that any fees have been deducted before the remaining balance is transferred to you.

Related Articles

Back to top button