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Child Tax Credit: $300 to hit bank accounts in less that 48 hours

The day after tomorrow Americans will see their fifth child tax credit payment show up in their bank accounts.

Direct deposits go through Monday as well as paper checks being mailed the same day.

Thanks to the American Rescue Act, four checks have already been sent out to parents. After Monday, there will only be one left.

Related: Child Tax Credit: Will payments continue through 2022?

The passing of the legislation enhanced the amount of refundable tax credits for children, making them up to $3,600 per child.

Parents with children under 6 get the $3,600, while children ages 6-17 get $3,000. Parents with dependents over 18 that are in college full time get $500.

Taxpayers that were eligible were able to get one half of their child tax credit payment in 2021, spread out over 6 months. The remainder will be claimed on taxes in 2022.

Monday is also the cutoff for non-filers to sign up for payments using the tool. If they opt in they’ll get the full amount, up to $1,800, in Dec. but if they wait, they’ll need to file taxes next year to claim the money.

Related: Child Tax Credit: Could you get a lump sum of $1,800 this December?

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