Preparing for the Advance Child Tax Credit Payments.

July 8th, 2021 by Catherine James

In anticipation of the first round of the Advance Child Tax Credit payments, we want to assure you that your credit union is taking measures to prepare for an increase in call volume and Online/Mobile banking usage as members begin checking for payments.

What is the Advance Child Tax Credit?

Beginning July 15, the IRS will be paying half the total amount of the Child Tax Credit in advance monthly payments to select families. Those who receive these advance payments will claim the remaining half when filing their 2021 income tax return as they normally would.

Visit the website for the latest information.

The IRS provides tips, FAQs, eligibility information and status for the Advance Child Tax Credit on their website:  (external link)

Eligible recipients may receive the funds by automatic deposit or by paper check or pre-paid debit card sent through the mail.  Automatic deposit payments will be directly deposited to accounts using account information submitted to the IRS through federal tax returns.  

Important notes:

  • The credit union receives deposits from the Federal Reserve at 4:00 am, 8:30 am, 1:00 pm, and 4:30 pm, Monday – Friday.
  • If a direct deposit comes into a closed account, we are required to return it to the IRS. 
  • If a direct deposit comes in with incorrect account information, we are required to return it to the IRS.

Tip: Set an account Alert in Online/Mobile banking to be notified of your automatic payment.
If you expect an automatic payment to be made to your Greenville Federal Credit Union account, we recommend setting an alert in Online/Mobile banking to receive real-time feedback about changes that occur to your account balances, which can help you monitor when you receive your payment. You can set alerts to receive text, email and in-app messages. Learn how here:

Tip: Depositing a paper check. 
If you receive a paper check, we encourage you to utilize the Mobile App to deposit your check to your Greenville Federal Credit Union account using your Apple or Android mobile device. Mobile check deposits can be made from anywhere, at any time. Requirements, usage and eligibility for the Mobile Deposit service can be viewed here:

Note: Government-issued checks require special care when being deposited into a credit union account. Please follow these important instructions to ensure a successful deposit.

  • Government-issued checks require all payees listed to endorse the check by signing each of their names on the back of the check. 
  • If you receive a check made out to you and a joint filer, be sure to endorse the check with both of your names and deposit it into an account you hold jointly. Checks from the government written to two parties can’t be deposited into a single owner’s account.
  • When depositing a government-issued check using Mobile Deposit, please have each payee endorse the check and write “For GFCU Mobile Deposit Only” below the signature(s), otherwise, your mobile deposit will be delayed until this is corrected. 

    See illustrations of these endorsements here.

For questions, please call 800.336.6309 or send a secure message through Online/Mobile banking.