In a press release yesterday, the IRS announced it has upgraded an important online tool to allow families to quickly update their bank account information to ensure they receive their monthly child tax credit payments.
See: How Does The Child Tax Credit Work?
Find: Here’s Who Is Not Eligible for the New Child Tax Credit
The IRS had previously set up two separate online portals for users to register their information. This particular feature was added to the Child Tax Credit Update Portal and any changes by August 2 will apply to the August 13 payment and all subsequent payments through December.
The first payment is scheduled to be deposited into accounts on July 15 in the amount of $300 for those eligible for the full amount. Those who have not enrolled for direct deposit will receive a physical check. The IRS warned people to be on the lookout for scams that have recently developed related to the child tax credit.
Those who need to update their information should only do so through an irs.gov website and not through links received through email, text or phone.
To change direct deposit information
Log onto the child tax credit update portal to confirm your eligibility for payments. Once it determines eligibility, the tool will also indicate whether or not you are enrolled to receive the payments by direct deposit.
If you are already registered for direct deposit, it will list the full bank routing number and the last four digits of your bank account number. Currently, this account will be used for the July 15 payment. If you do not change that account, all future payments will be routed through there. The entire payment will always be deposited only into one account and cannot be split amongst bank accounts.
See: IRS Offers Free Child Tax Credit Tool Help to Families
Find: It’s Almost Child Tax Credit Time — Are You Eligible?
Switching From Paper Check to Direct Deposit
The IRS is urging any families receiving paper checks to consider switching to direct deposit, as families can access their money more quickly and it is generally easier and safer. They state that direct deposit removes the time, worry and expense of cashing a check and eliminates the chance of a lost, stolen or undelivered check.
In order to do this, they can use the tool to add their bank account information by entering their routing number and account number and indicating whether it is checking or savings.
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