What is new about this?
Our goal is to promote saving during tax time. In the past, refunds were received through direct deposit to one bank account or via a paper check. Now, in addition to being faster (usually within two weeks, versus the standard six week wait for a paper check), opting for automatic deposit enables a seamless transfer of some of that money into a ready funds account, such as checking, and the rest into savings, an individual retirement account (IRA), a health savings account (HSA), an individual development account (IDA) or Archer MSA and Coverdell education savings accounts.
The only preparation necessary is to confirm that the receiving bank accepts direct deposits into such accounts, then have the account number and the bank routing number from the taxpayer. Form 8888 takes care of the rest.