CHILD TAX CREDIT PAYMENTS
The American Rescue Plan’s expanded child tax credit will begin paying out on July 15 to eligible households. For information about these payments, see the FAQs below and visit the IRS website. We know you may have questions. We are here to help you find answers.
What do I need to know about the advance child tax credit payment?
- The IRS will distribute payments using the information that the IRS has on file for each eligible individual or family.
- For most of the recipients, payments will be deposited directly into the same bank account that they have most recently used to receive a stimulus payment, tax refund or monthly Social Security payment. Others will receive paper checks or prepaid debit cards in the mail, at the address that the IRS has on file for that individual.
- Direct deposits are posted for open accounts on the effective date set by the Treasury.
How much will I receive?
Depending on your family's eligibility, you could receive a $250 or $300 check for each dependent, monthly, through the end of the year, with another lump sum in 2022. The tax credit will temporarily increase from $2,000 to $3,000 per child ($3,600 for children 5 years old and younger) for the 2021 year. It also authorizes these payments to families from July to December.
Am I eligible, and when will my payment arrive?
Contact the IRS. For the most up-to-date information on the child tax credit advance payments, visit the IRS website.
PRO TIP: TO KEEP TABS ON YOUR TAX CREDITS, SET UP AN eALERT IN ONLINE BANKING TO RECEIVE AN EMAIL OR TEXT WHEN a DIRECT DEPOSIT ARRIVES. JUST LOG IN, SELECT ADDITIONAL SERVICES, THEN ALERTS & NOTIFICATIONS.
How will I receive my payment?
According to the IRS, most of these payments will be sent via ACH (Direct Deposit) without any action on your part. If you filed your 2020 tax return and have an account linked to your tax refund, the IRS will calculate and automatically direct deposit your payments into the account you provided on your tax return. If you receive Social Security, Railroad Retirement or Social Security Disability Insurance benefits via direct deposit, your payment will automatically go to that associated account, even if you didn’t file a tax return.
- If no deposit account information is available to enable direct deposit, the Treasury will mail a check or prepaid debit card.
- According to the IRS, eligible families will be able to notify Treasury and IRS of changes in their income, filing status or number of qualifying children with details coming soon.
I want to update/change my direct deposit information. How do I go about making the change?
If you want to change or update your direct deposit information with the IRS, you can provide your Envista account information online through the secure portal on the IRS website. This will allow you to receive your payments sooner instead of waiting for a check in the mail.
I don’t want to wait for a paper check and would prefer to have my payment sent through direct deposit. What information do I need?
To have your check deposited into your Envista account, use our routing number, 301179902, and your Envista account number. Your account number can be found in online or mobile banking by clicking the “Details” link under the account you want the funds deposited.
What if I don’t want to provide the IRS my direct deposit information?
That’s okay, it’s not required. This means you will be issued a paper check mailed to the address the IRS has on file. You can deposit the check into your account at any of our locations, or quickly and easily using your Envista App mobile deposit.
The IRS site states my payment was supposed to have already been sent, but it isn’t in my account. Can you please help me find my payment?
We understand this is very frustrating. If you have checked on the Get My Payment site and are getting the response the payment was remitted, you will need to wait to get a letter from the Treasury and report non-receipt.
In some cases, the payment could be offset if you owe funds to federal agencies and states. Envista does not have access to know if your funds were offset. Learn more about the Treasury Offset Program.
Protect Yourself from Scammers
Please remember, the IRS will never call, text, mail, message you on social media, or email you to verify your bank account information so you can get your refund faster. Do not open any suspicious texts or emails, or click any attachments or links, and do not provide any of your direct deposit or banking information if asked. Envista Credit Union will also not call you to ask to confirm any information on your account.
QUESTIONS? WE ARE HERE TO HELP.