July 2, 2021
ADVANCE CHILD TAX CREDIT PAYMENTS
Get Instant Notification: Be alerted when funds have been deposited to your O Bee account. Set-up ACCOUNT ALERTS through O Bee online banking, and you will be automatically notified when the payment has been deposited into your account. O Bee will work as quickly as possible to post these deposits to member accounts as they come in. You will see the money in your account when the IRS makes the deposit.
Child Tax Credit Payments Begin July 15, 2021
The American Rescue Plan Act (ARPA) of 2021 expands the Child Tax Credit (CTC) for tax year 2021 only. These changes will help many families receive advance payments starting this summer. The IRS has announced that advance payments of the 2021 Child Tax Credit will be made regularly from July 15 through December 15 to eligible taxpayers. Eligible taxpayers do not need to take any action now other than to file their 2020 tax return if they have not done so.
Eligibility:
Visit the IRS Website for Advance Child Tax Credit Payments to .
RECEIVING YOUR PAYMENT
Direct Deposits to Your Checking Account (ACH): If you filed a 2020 tax return and provided the IRS with your current mailing address or direct deposit information, then you won't have to do anything. If you are eligible to receive an Advance Child Tax Credit payment, the IRS will automatically deposit the money into the account you provided.
Update Your Account Information with IRS: Now you can update your bank or credit union account information with the IRS. This way, payments will be deposited to the account you specify. This applies only to payments from August 2021 and onward. Click on the "Manage Payments" button below.
Paper Checks: If you expect to receive your check by mail, you can deposit it and access your funds from the convenience of your home with the Mobile Deposit feature in the O Bee Mobile Banking app. Download the app for or You can deposit your check at the ATM, drive-thru or night deposit drop-box located at your local branch. You can also deposit your check in-person at your local branch; please visit our Locations page for hours and availability.
Closed Account: If your O Bee account has been closed, the funds will be rejected, and you can expect a physical check from the IRS.
Charged Off: O Bee will not accept any deposits made to charged off accounts. The funds will be rejected.
Watch for Scams: The Federal Trade Commission (FTC) is warning consumers about scammers looking to steal child tax credit money. The FTC warns, "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. Always go directly to the IRS website to get updates.