The IRS now allows families to update their bank account information online.
Families receiving child tax credit payments can now use an online tool to make sure the benefits go to the right place.
The tax credits provide eligible families with up to $3,600 per child over the course of a year. The first half of the credits will go out as monthly payments of up to $300, which start July 15 and run through the end of the year. The second half can be claimed when filing income taxes for 2021.
The Internal Revenue Service says eligible families can now use its Child Tax Credit Update Portal to update bank account information to decide where the future payments will be deposited.
How to update your information
The Child Tax Credit Update portal can be found here.
Families can first check if they are eligible for the payments, then confirm if they will receive them through direct deposit. If so, they can see the account they have on file with…