Child Tax Credit
The Child Tax Credit and your account
Beginning July 15, the federal government will make monthly Child Tax Credit payments to qualifying parents, continuing throughout 2021. If you used your Old National account in 2020 for income-tax payments or refunds, or if your Old National account was used for pandemic-related stimulus payments, it’s likely that your credit will be added automatically to that account.
Here are some additional helpful details:
- If you’re not sure if you qualify for the Child Tax Credit, you can review the requirements at www.irs.gov.
- If you’re not sure which account will be used for the credit, visit www.irs.gov/credits-deductions. You can review and update your bank information there as needed.
- The CTC payment will show up as an ACH (electronic) payment in your account. Check your transactions through online banking or the mobile app to see if/when it arrives.
- Please note that unlike the stimulus payments sent out previously, the Child Tax Credit payments are subject to garnishment. These monthly payments will equal half of the total Child Tax Credit available to you. You will claim the other half when you file your taxes for 2021.
If you’d like to learn more about the Child Tax Credits, read our informational blog.