Using direct deposit helps you get a faster, more convenient tax refund, but it can also cause some issues if your bank information is incorrect. As long as you haven't filed this year's tax return yet, you can easily enter new direct deposit information during the tax preparation process. However, once you've filed, the IRS will follow its procedures for handling deposit issues, and it doesn't currently offer an online tool to change banking details for tax refunds. You may end receiving a paper check or having to work with the bank to try to attempt to recover your refund if possible.
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The IRS expects all tax returns to have accurate and current information for direct deposit accounts. But when issues do occur, the IRS has a few ways of handling the issue that can include sending you a paper check instead or proceeding with depositing the funds despite the issue.
