Families eligible to receive the expanded child tax credit payments now have the ability to update their bank account information so they can easily receive their payments, the Internal Revenue Service announced today. The IRS made updates to its online Child Tax Credit Update Portal at IRS.gov, and said that any changes to routing information made by Aug. 2 will apply to the Aug. 13 payment and all subsequent monthly payments for the remainder of the year.
Families will receive their July 15 payment by direct deposit in the bank account currently on file with the IRS. Those who are not currently enrolled for direct deposit will receive a check, the IRS said. The agency also warned of potential scams related to the child tax credit, and urged taxpayers only to submit their information to IRS.gov and not click on links received via phone, text or email prompting them to update their bank account information in order to receive the payment.