1. Latest News
  2. Submit Press Release
  1. PR Home
  2. Latest News
  3. Feeds
  4. Alerts
  5. Submit Free Press Release
  6. Journalist Account
  7. PRNewswire Distribution

SS Beneficiaries to Receive New Debit Cards

Social Security beneficiaries who have no bank accounts will soon get the “Direct Express” cards to be used in withdrawing their monthly benefit payments, the Department of Treasury’s Financial Management Service (FMS) announced recently.

 
PRLog - Mar. 4, 2008 - Social Security beneficiaries who have no bank accounts will soon get the “Direct Express” cards to be used in withdrawing their monthly benefit payments, the Department of Treasury’s Financial Management Service (FMS) announced recently. The prepaid debit card will be issued through Comerica Bank and will be available to Title II and Supplemental Security Income (SSI) beneficiaries early this year.

With the introduction of this new system, it would now become much easier for beneficiaries to receive their regular monthly benefits payments at ATMs and financial institutions nationwide. They will also be able to use the card ‘to make purchases at retail locations, pay bills, and make online transactions’.

Through the system, a cardholder is allowed one free ATM cash withdrawal per month. Any other cash withdrawal will be charged 90 cents. Other transactions will also be charged.

FMS said the accounts will be PIN-protected, FDIC-insured and subject to federal consumer protection regulations. The government expects to save about $44 million by use of the electronic deposits under this new system.

The Direct Express cards will first be introduced in Texas, Arkansas, Oklahoma and Louisiana this spring and phase in the program throughout the country by the end of summer.

The Treasury Department said that if every federal beneficiary without a bank account signs up for a debit card, the government will save millions each year in printing and mailing costs.

Treasury Department officials said they selected Comerica as the financial agent for the new federal initiative partly because it already provides prepaid card services for 13 states.

The Direct Express cards will provide a safer and more convenient alternative to checks, which may be stolen or delayed in the mail, the officials added.

Government officials also predicted that Social Security recipients without bank accounts will pay less in card fees than they do now at check-cashing services.

Los Angeles Social Security Law Attorney - If you have suffered an injury that has resulted in a disability, you may be able to collect compensation from Social Security. Our Los Angeles Social Security Law Attorneys are experts on what Social Security Administration requires for claiming Social Security Disability benefits and for Supplemental Security Income (SSI) Disability claims. Please log on to http://www.socialsecuritylawattorney.com for more information.

--- End ---

Click to Share

Contact Email:
Source:Los Angeles Social Security Law Attorneys
Website:http://www.socialsecuritylawattorney.com
Industry:Legal
Tags:social security administration, disability benefits, supplementary security income ssi disability claim
Shortcut:prlog.org/10054756
Disclaimer:   Issuers of the press releases are solely responsible for the content of their press releases. PRLog can't be held liable for the content posted by others.   Report Abuse

Trending News...



  1. SiteMap
  2. Privacy Policy
  3. Terms of Service
  4. Copyright Notice
  5. About
  6. Advertise
Like PRLog?
9K2K1K
Click to Share