Advance Child Tax Credit Payments

As you may have heard, changes have been made to the Child Tax Credit including the processing of automatic advance payments beginning July 15, 2021.

From July to December 2021, the IRS will be sending monthly payments through direct deposit, paper checks, or debit cards to those who are eligible for the credit. We recommend visiting the IRS site directly, www.irs.gov, to find all of the information you need to know about the Child Tax Credit payments, including:

• Eligibility details.
• An extensive listing of frequently asked questions.
• Managing your payments: find out your enrollment status, how to un-enroll in advance payments, or to provide your bank account information.

We caution you to be on the lookout for scams. Scammers take advantage of any opportunity to steal your money or your personal information. As we have seen over the past year, these attempts increase drastically when legitimate funds are coming your way. You could be contacted by phone, email, text, or DM (personal direct message). If they promise to help you receive your money earlier or obtain even more money - it’s a lie and a scam. The Federal Trade Commission offers these helpful tips:

• Only the IRS will be sending these payments. Anyone trying to “help” you get your child tax credit is really after your money.
• The government will NEVER call, text, email, or DM you out of the blue, asking for money or information. Keep your money - and your Social Security, bank account, debit and credit card numbers - to yourself.
• Nobody legit will ever demand that you pay by gift card, wire transfer through companies like Money Gram or Western Union, or cryptocurrency. That’s a scam, every time.

Please always be on the alert for scams. Utilize the Child Tax Credit resources available to you on the IRS website and don’t hesitate to reach out to your local Bank First office if you have provided bank account information, passwords to your online banking accounts, or paid funds as a result of fraud attempts or scams.