No, you cannot update your bank account information using the Get My Payment tool. The IRS has explicitly stated that the tool does not allow for changes to bank account information once it is on file. If your bank account information is invalid or the account has been closed, the bank will return your payment to the IRS, and the IRS will then mail you a check or an Economic Impact Payment (EIP) Card instead. Additionally, the IRS is no longer accepting bank account information through the Get My Payment tool. If you do not receive your payment, you may be eligible to claim the Recovery Rebate Credit when you file your tax return.
Sources:
Publication 5412-C (4/2020)
Publication 5420 (5/2020)
