The IRS upgraded an online tool to enable families to update their bank account information so they can receive their monthly Child Tax Credit payment.
IRS enables direct deposit updates for Child Tax Credit payments
July 01, 2021 / By ICBA
The IRS upgraded an online tool to enable families to update their bank account information so they can receive their monthly Child Tax Credit payment.
The IRS upgraded an online tool to enable families to update their bank account information so they can receive their monthly Child Tax Credit payment.
Update: The new feature was added to the Child Tax Credit Update Portal. Any updates made by Aug. 2 will apply to the Aug. 13 payment and all subsequent monthly payments for the rest of 2021.
Payments: Families will receive their July 15 payment by direct deposit in the bank account currently on file with the IRS. Those not enrolled for direct deposit will receive a check.
Background: The American Rescue Plan increased the tax credit and made it advanceable. The IRS is scheduled to begin monthly payments July 15.
More: Additional information is available on ICBA’s frequently asked questions on the payments and via the IRS website.
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