Expect more money in your bank this week: IRS to start child tax credit monthly payments

This week the first of six monthly child tax credit payments will be hitting bank accounts and the mail.

If you qualify for the child tax credit payments, the IRS needs to have your banking information or address for you to get the money.

Check if you're eligible here.

On Thursday the IRS will make payments by direct deposit, if they have your banking information on file from your latest tax return or if you received your 2020 stimulus money via direct deposit. If you did not provide that information, then a paper check will be sent to the address on file.

Child tax credit calculator: How much could you receive?

The IRS launched a new online child tax credit portal on their website. You will need to head here if you don't file taxes and the IRS does not have your information on file. If you moved or your banking information changed, you also need to update it on that portal. You can also opt-out of these payments on that portal if you'd rather claim the full credit when you file your 2021 taxes.

If you're getting this money, experts suggest you use it wisely. Kate Bulger with Money Management International says, "Really making a plan with how they want to spend that money, what they want to put it towards and being thoughtful of how they are going to apply it to their financial goal and that is important."

Of course, when there is money involved, that means scammers will try and take advantage of these child tax credits. The IRS urges everyone to be on the lookout for scam emails, text, or social media messages about the child tax credit payments, as the IRS does not contact you that way.