Quick question, hopefully easy. I am not a deposit regulations guy.

Are the current IRS Child Tax credit advances considered a government benefit requiring us to give 30 days notice to close an account.

Reference (I Think):
1. 31 CFR Part 210 (Federal Government Participation in the Automated Clearing House), section 210.4(c)(3):

(c) Termination and revocation of authorizations. An authorization shall remain valid until it is terminated or revoked by:

(3) The closing of the recipient's account at the RDFI by the recipient or by the RDFI. With respect to a recipient of benefit payments, if an RDFI closes an account to which benefit payments currently are being sent, it shall provide 30 calendar days written notice to the recipient prior to closing the account, except in cases of fraud; ....


Thanks!

i would suggest that it is, and err on that side.

They are not the classic benefit payments, but I agree the smart move is to treat them as such.