Good morning, Cycle 05 weekly filers! If you are waking up to see the IRS Code 846 Updated Today (February 20, 2026) on your official tax transcript, congratulations! This specific transaction code is the ultimate confirmation that your federal tax refund is officially on its way to your bank account.
However, for millions of taxpayers currently banking with traditional financial institutions like Chase, Bank of America, or Wells Fargo, your account balance might still be completely empty. Please do not panic. We are here to break down exactly when your hard-earned money will hit your account based on this update, and explain the highly technical reasons why early direct deposit users get paid significantly faster than standard accounts.
What “IRS Code 846 Updated Today” Really Means
Seeing IRS Code 846 Updated Today on your IRS account transcript is essentially the “Golden Ticket” of the tax season. It means the Internal Revenue Service has successfully finished processing your return, verified your identity, approved your final dollar amount, and electronically released the funds to the Treasury Department for immediate disbursement to your designated routing number.
Specifically, for Cycle 05 filers, the exact date located directly next to the code is extremely important. It is likely displaying either 02/20/2026 (today) or 02/24/2026 (next week).
- If the Date is 02/20: The federal funds were electronically transmitted to the banking network today.
- If the Date is 02/24: The funds are officially scheduled to arrive by next Tuesday, but early-paying banks will intercept and release them starting today.
For a deeper dive into how this specific weekly processing works, we strongly recommend checking our comprehensive guide on the Cycle Code 05 update schedule.
Exact Deposit Dates: Chime vs. Chase vs. BOA
The single most significant factor influencing your actual deposit time after seeing the IRS Code 846 Updated Today alert is your individual bank’s direct deposit policy. Not all banks treat incoming Treasury deposits the same way. The banking industry is divided into institutions that release funds upon notice, and those that wait for physical settlement.
| Bank Category | Bank Examples | Expected Deposit Time |
|---|---|---|
| Fintech (Early Access) | Chime, Cash App, Varo, SoFi | Today (Feb 20) Afternoon/Evening |
| Traditional Banking | Chase, BOA, Wells Fargo, Citi | Mon (Feb 23) – Tue (Feb 24) |
| Prepaid Cards | Netspend, Green Dot, Walmart | Today (Feb 20) or early Saturday |
Crucial Note on Tax Fees: If you utilized tax preparation software and explicitly chose to pay your preparation fees out of your final refund, your money might be routed to a third-party processing bank first. For full details on this, read our article explaining why your refund is sent but not received. This extra middleman step can add an additional 24 to 48 hours of delay to your final deposit time.
Why Traditional Banks Wait: The Weekend Factor
While the IRS Code 846 Updated Today signal confirms the federal release of your funds, traditional banking systems operate on a rigid, highly regulated schedule. They simply do not process standard Automated Clearing House (ACH) transfers over the weekend or on federal holidays.
This delay is a standard corporate practice and represents standard batch processing rules. If your online account or mobile app shows a pending deposit, absolutely do not worry—the money is completely safe and secured. You can read more in-depth technical details about why IRS refunds remain pending at traditional banks.
Actionable Steps if Your Refund is Delayed
If you have confirmed the refund issued code on your transcript, but your money still has not arrived by next Wednesday, follow these immediate steps:
- Verify the Amount: Check if your refund was reduced due to a debt offset by contacting the Treasury Offset Program (TOP) via their official hotline.
- Check Transcript Again: Ensure no new negative codes like 570 or 971 have unexpectedly appeared over the weekend. For a complete breakdown, refer to our IRS Transcript Code 846 Decoder.
- Contact Your Bank: Call your bank’s customer service and ask directly if there is a pending ACH transfer from “IRS TREAS 310” waiting to clear in their back office.
FAQ: IRS Code 846 Updated Today
Q: I see IRS Code 846 Updated Today, but absolutely no money in my checking account. Why?
A: If you have an account with a traditional bank, they likely will not post the federal funds until Monday morning due to standard banking hours. Fintech users with early direct deposit features enabled should see it late today.
Q: Will Chime or Cash App deposit my tax refund on Saturday?
A: Yes, Chime and similar neo-banks often post direct deposits on weekends and evenings, unlike major traditional banks that strictly follow business days.
Q: Does the 846 code mean my refund is 100% approved?
A: Yes! This transaction code is the final approval and release signal. Always utilize the official IRS Get Transcript tool to securely confirm the exact dollar amount being electronically sent to you.