Yes, the direct deposit can be made into any account used for receiving a refund or a payment.
Here is an excerpt from the bill:
"DELIVERY OF PAYMENTS.—Not withstanding any other provision of law, the Secretary may certify and disburse refunds payable under this subsection electronically to any account to which the payee authorized, on or after January 1, 2018, the delivery of a refund of taxes under this title or of a Federal payment (as defined in section 3332 of title 31, United States Code)."
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