Am I able to change the way I would like to receive my tax return if I havealredy submitted my taxes to turbo tax and my tax return was also already approved by the IRS. For example I chose to have my

No.  If your return was filed and accepted you cannot change how you want to receive your refund.

Banking information for refund is wrong

If you entered incorrect banking information for your refund, you can change it if your return is rejected.  If it is accepted, however, it is too late to change it.  The bank will reject the refund and send it back to the IRS.  Then the IRS will issue a paper check and mail it to the address you put on your tax return.  Expect a delay of at least a couple of weeks to receive your refund.

Here is what the IRS says about entering incorrect banking information

https://www.irs.gov/help-resources/tools-faqs/faqs-for-individuals/frequently-asked-tax-questions-answers/irs-procedures/refund-inquiries/refund-inquiries-18