If you have not yet filed
If you transferred in information from your 2015 tax return, you may be shown the same bank information that was used last year to have your refund direct deposited.
If you want to change or edit the banking information that is shown, make sure that the box stating "I want my refund deposited into this account" is unchecked.
Scroll down to the bottom of the page and select Continue.
You will be taken to a new screen titled, "Let's get your bank account info".
This should allow you to enter the new or updated banking information that is to be used for your 2016 direct deposit.
If you have already e-filed or paper filed
Once your return is e-filed and accepted then no changes can be made to the return, or your refund payment method. If it is rejected, then you can go back in and modify the refund payment method.
If the IRS tries to deposit your refund to the bank account on the return and it is closed, or the account name does not match the return name, it will be pulled back and automatically sent as a paper check to the address on the file as the mailing address on the return.
This is a Turbo Tax FAQ with a video that explains this