If you checked the “Where’s My Refund” (WMR) tool on Saturday morning, you likely saw the update you’ve been waiting for all month. The PATH Act hold is officially gone for millions of taxpayers.
For the vast majority of early filers (those who claimed EITC or ACTC), the status bar finally moved from “Received” to “Approved.” More importantly, your transcript likely shows Code 846 with a specific date: 02-25-2026.
The Bottom Line: If your transcript lists 02-25-2026, the Treasury has authorized the release of your funds. While the official deposit date is Wednesday, February 25, depending on who you bank with, you could see that money as early as tomorrow afternoon.
Here is the timeline for the “Big Drop” this week.
The “Cycle 05” Wave Explained
Why did everyone update at once?
Most taxpayers who claim credits fall into Cycle Code ending in 05 (Weekly).
- Weekly Processing: The IRS Master File processes these returns on Thursday nights.
- Transcript Updates: Transcripts update strictly on Friday mornings.
- WMR Updates: The WMR tool lags behind and updates on Saturday mornings.
This past Saturday (Feb 21) was the massive update wave for PATH Act filers. If you missed it, check again now.
When Will The Money Actually Hit? (Bank by Bank)
The IRS sends the notification to the Federal Reserve days in advance. The “846 Date” (Wednesday, Feb 25) is the settlement date. This is when the IRS guarantees the cash will be there.
However, banks handle this notification differently.
- FinTech Banks (Chime, Cash App, Varo, Current): These banks often release funds as soon as they get the notification, ignoring the settlement date. You could see funds drop Monday, Feb 23 or Tuesday, Feb 24.
- Traditional Banks (Chase, Wells Fargo, BoA): These banks strictly adhere to the settlement date. They will hold the pending deposit until Wednesday, Feb 25.
- Credit Unions (Navy Fed, USAA): Usually deposit one day early (Tuesday).
Deposit Schedule: What to Expect
Use this table to predict when your notification will turn into cash.
| Bank Type | Likely Deposit Day |
| Chime / Cash App / Varo | Monday Afternoon (Feb 23) |
| NetSpend / Serve | Monday Evening (Feb 23) |
| Credit Unions (USAA/NFCU) | Tuesday Morning (Feb 24) |
| Major Banks (Chase/WF) | Wednesday Morning (Feb 25) |
Troubleshooting: “It’s Wednesday and I Have Nothing.”
If February 25 comes and goes with no deposit:
- Check TPG: If you paid your tax prep fees (TurboTax/H&R Block) out of your refund, the money goes to a third-party bank (TPG) first to deduct fees, then to you. This adds 12-24 hours.
- Check for Offsets: Call the Treasury Offset Program (TOP) line at 800-304-3107 to see if child support or state debts took it.
- Wait 5 Days: Banks officially have up to 5 days to post the funds.
Check Your Status:
Don’t guess. Verify your date explicitly on the Official IRS Where’s My Refund Tool.
Disclaimer: This article is for informational purposes only and does not constitute financial or legal advice. Always consult official government resources.
Evan Cole Editor-in-Chief | Breaking News & Public Policy
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