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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.