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Sending amounts are based on account balances and limits set to protect you from fraudulent activity. At First Merchants Bank, your limit is $600 per transaction and $900 per day.

There are no limits to the amount of money you can receive with Zelle®. However, remember that the person sending you money will most likely have limits set by their own financial institution on the amount of money they can send you.

Child tax credit monthly payments offer a great opportunity for families to plan for their child’s future and build up savings. These payments can cover the day-to-day costs of a child’s needs, like food and clothing. But if your paycheck already covers necessities, the tax credit could help fund other short- or long-term goals.

If you meet child tax credit eligibility, we encourage you to think about investing that money toward building your savings or starting a college or emergency fund. The amount you receive for the child tax credit over time can really add up!

If you’re eligible for the child tax credit, the best way to receive the funds is through direct deposit. If you don’t have an account with direct deposit, you can easily open a savings or checking account online or visit a banking center to enroll in direct deposit. Visit the IRS tool here to check your eligibility and manage your payments.

The breakdown of how much you’ll receive for the child tax credit is contingent on several variables. The chart below shows how much parents who qualify for the $3,000 or $3,600 payments will receive and when they’ll receive payments.

Eligibility for the child tax credit is based on a filer’s adjusted gross income, or AGI. Single taxpayers who earn less than $75,000 are eligible for the expanded $3,000 or $3,600 payments, depending on the age of their children. Heads of households who earn below $112,500 also are eligible for the child tax credit, as are married couples who earn less than $150,000.

Note that single filers who earn under $200,000 and couples who earn under $400,000 will still qualify for a $2,000 credit.

Historically, the child tax credit has provided families with dependent children with an annual tax break of as much as $2,000, which was distributed when individuals completed their taxes. But under the new bill, the tax credit is increased to $3,000 per child for eligible households with kids ages 6 to 17 and $3,600 per child for eligible parents with kids ages 5 and younger.

This year, parents eligible for the child tax credit can also receive some of the funds in advance. Instead of waiting until you file your 2021 income taxes, qualifying families will receive half the credit in advance through child tax credit monthly payments.

Child tax credit monthly payments were sent in July to qualifying parents and will continue to be deposited each month through December. Parents will then receive the remaining half of the credit when they file their 2021 tax returns.

• Flexible use
• Easy access to funds
• Low, interest only payments
• Fixed-rate interest option
• Low to no closing costs

• Variable interest rate
• Not ideal for all large, one-time expenses
• Home becomes collateral
• Additional monthly debt payment

• With a home equity loan, you can apply for the precise amount you want to borrow. Your loan will be calculated based on your home’s equity.
• You’ll receive a fixed interest rate that doesn’t change throughout the life of your loan.
• After you’re approved for a home equity loan, you’ll receive a single lump-sum distribution without the option to obtain additional funds.

• HELOCs offer a revolving source of funds that you can borrow from as often as needed, as long as you don’t exceed the credit limit.
• You can draw as much or as little money as you need from your HELOC, and you’ll only pay interest on the money you use. 
• Similar to a credit card, HELOC funds become instantly available for use again as the money borrowed is repaid.
• HELOCs often include a variable interest rate that may fluctuate over the life of the loan.

The private banking relationship offered to qualifying clients extends a multitude of exclusive benefits. Private banking clients receive dedicated financial guidance and expertise for their overall personal balance sheet, exclusive cash management products, customized financing solutions and specialized mortgage options.