The IRS has announced the payments for the Advance Child Tax Credit (ACTC) will begin on July 15, 2021. These payments will be recurring monthly through the end of 2021.
The ACTC payments will be issued via direct deposit. For those eligible recipients without direct deposit established, the IRS plans to send check payments, but reloadable cards will not be used for the ACTC payments.
The IRS has developed a new tool, the ACTC Update tool, that consumers are able to use to provide current banking information or unenroll from ACTC payments.
Answers to commonly asked questions can be found at https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021.