Families eligible for the expanded child tax credit, half of which will be paid monthly in advance beginning next week, can now update their account transfer information online to ensure prompt receipt of their stimulus benefits.

The Child Tax Credit Update portal on IRS.gov now allows parents and caregivers of eligible children to add and update bank account information. All that is required is the account number and bank routing number, both of which can be found on the individual's check or online banking portal.

(On paper checks, the routing number is nine digits long and is usually printed in old-fashioned machine-readable type in the lower left corner. It is separated by a colon and looks like this: 123456789|:)

If the IRS has already registered the account transfer information, the child tax credit benefits will be deposited into that account. Through the portal, recipients can check to see if the information is correct, update the information with a different account, or add a bank account if there is one not yet linked. The changes will take effect beginning with the August 13 payment.

Families not enrolled in direct deposit will receive paper checks. However, the IRS is urging eligible recipients to choose direct deposit to expedite payments and reduce the possibility of funds being lost in the mail.

The portal also allows families to stop prepaying the child tax credit altogether. Families who do this will receive the balance of the credit in a lump sum when they file their 2021 taxes in early 2022. The following groups may consider opting out of prepayment:

The expansion of the child tax credit included in the Biden Administration's American Rescue Plan to a maximum of $3,600 per child under age 6 ($300 per month) and $3, 000 per child ages 6 to 17 ($250 per month). 000 ($250 per month) for each child between the ages of 6 and 17.

Single filers with annual incomes of $75,000 or more and married filers with annual incomes of $150,000 or more will have their benefits reduced by $50 for each $1,000 of income. Families with higher incomes are eligible for the regular pre-2021 credit of $2,000 per child under age 17, but are not eligible for the monthly advance payment entitlement.