Happy Member Loyalty Payout Day!

Fraud Alert: Please be aware that fraudulent text messages requesting personal information have been reported and received by both members and non-members in our service areas. Educators Credit Union will never ask for your personal information through an email, text message or an outgoing call to you. DO NOT click on any text message links or provide any personal or financial information.

Child Tax Credit Payments

Father with his daughter giving her instruction

On July 15, the first advance Child Tax Credit payment will be deposited into qualified accounts via direct deposit.

Here is what you need to know:

  • Advance Child Tax Credit payments are early payments from the IRS that will be made monthly from July to December 2021. These payments will equal 50% of the total credit amount you are entitled to, and you will claim the other half on your 2021 income tax return. These changes only apply to the 2021 tax year.
  • Payments will be distributed on July 15, August 13, September 15, October 15, November 15 and December 15.
  • You do not need to take any action to receive the Child Tax Credit payments. If you are eligible, the payments will be deposited automatically based on the information included in your 2020 or 2019 tax return.
  • To qualify for the advance Child Tax Credit, you or your spouse (if filing a joint return) must have:
    • Filed a 2020 or 2019 tax return and indicated the Child Tax Credit.
    • A primary residence in the U.S. for more than half of the year or file a joint return with a spouse who has a primary residence in the U.S. for more than half of the year.
    • A qualifying child who will be under the age 18 at the end of 2021 and has a valid Social Security number.
    • Made less than the income limits. To check your eligibility, visit gov/credits-deductions/advance-child-tax-credit-eligibility-assistant.
  • You can unenroll from receiving the advance Child Tax Credit. To do so, you must unenroll three days before the first Thursday. For more information on unenrolling, visit gov/credits-deductions/2021-child-tax-credit-and-advance-child-tax-credit-payments-topic-j-unenrolling-from-advance-payments. Please consult with your tax advisor if you need advice about unenrolling from the advance Child Tax Payments.
  • Stay alert for scammers who are trying to steal your personal information and money by pretending they work for the IRS. The IRS will never initiate contact by email, text message, or social media to request personal information, financial information, or information on the advance Child Tax Credit payments. Do not open attachments or click links sent to you that claim to have special information about advance Child Tax Credit payments or refunds.

Please note: We are unable to tell you how much your advance Child Tax Credit payment will be or when it will be deposited into your account. We encourage you to continue checking Online and Mobile Banking for future pending deposits. Members can also check their account balances with ASK EVA and receive balance alerts by following the steps in this tutorial.

For the latest information about advance Child Tax Credit payments, visit www.irs.gov.

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