scp-photo

City Encourages Families to Take Advantage of ‘Bank on Burque’ Banking Services Ahead of Federal Child Tax Credits

Starting in July most Albuquerque families will be eligible for monthly Child Tax Credits

July 14, 2021

ALBUQUERQUE – As part of President Joe Biden’s American Rescue Plan, most Albuquerque families can expect to start receiving monthly federal Child Tax Credits this month. To ensure all eligible Albuquerque families receive their payments on time and securely, the City is encouraging those who do not have a banking account to take advantage of its Bank on Burque initiative.

Launched in June, Bank on Burque is a financial empowerment program in partnership with Cities for Financial Empowerment Fund that connects Albuquerque households with safe and affordable banking products from both national and local banks and credit unions.

"As families start to recover from the pandemic, we know these federal Child Tax Credits will be a boon in that process," said Mayor Tim Keller. "We want to make sure every family that is eligible for these payments can receive them securely and on time."

As many as a third of the households in Albuquerque are either underbanked or unbanked entirely, leaving families having to wait for physical checks in the mail. Too many families will then use costly check-cashing services to cash their Child Tax Credit payments.

"From cash checking fees to ATM fees, being underbanked or unbanked has a real cost to Albuquerque families," said Delma Madrigal, Bank on Burque Project Manager for the City of Albuquerque. "We want families to avoid these unnecessary costs and use their Child Tax Credits for what they were intended for — providing financial relief to working families as we recover from the pandemic."

Once families open a Bank on Burque account, they can simply go to the IRS’s tax credit update portal to update their banking information.

Families can find Bank on Burque services at the following banking institutions:

  • Bank of America
  • Chase
  • Discover (digital and online only)
  • First Convenience Bank
  • Nusenda Credit Union
  • Rio Grande Credit Union
  • US Bank
  • S. Eagle Federal Credit Union
  • Wells Fargo

Learn more about the Bank on Burque initiative at http://cabq.gov/bankonburque.

Learn more about federal Child Tax Credits at https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021

Learn how to protect yourself from scams at https://www.consumer.ftc.gov/blog/2021/06/more-money-coming-familiesand-scammers-are-ready?utm_source=govdelivery

 

###