Around five million people nationally still receive their Social Security Disability (SSD), Supplemental Security Income (SSI) and Old Age Pension checks the old-fashioned way - in the mail. These recipients must establish a debit card or online bank account by March 1 in order to keep receiving benefits.
Most people who receive SSD or SSI benefits have already established direct deposit - 93 percent of the estimated 65 million Social Security Administration (SSA) beneficiaries. The remaining seven percent must act now, according to the U.S. Treasury Department.
The reason for this change: The government is trying to cut costs. It spends around $1.00 for every paper check it issues; the cost of direct deposit is only $.10 per transaction.
To make the switch, benefit recipients must call the U.S. Treasury call center at 800-333-1795.
If you receive SSD or SSI benefits and have not changed to direct deposit, your time is running out. Some people have been reluctant to do this because they fear that their finances will be vulnerable. However, advocates for the elderly and disabled point out that direct deposit is safer than getting a check in the mail. It can't be stolen from your mailbox, and you don't have to go to the bank to cash it.
Debit Cards Available From Binder & Binder® to Receive Electronic Benefit Payments
If you have delayed making the change to electronic payment of SSD benefits because you don't have a bank account, you may be able to get help from Binder & Binder®, America's most successfully Social Security Disability advocates.
We offer valued clients a prepaid debit card - KEEPS -- that can be used to receive monthly electronic SSD and SSI benefit payments. This card is endorsed by the American Association of People with Disabilities and is fully insured by the federal government.
There are absolutely no fees, and you can withdraw your money at over 1 million ATMs. You can also use it to pay bills and make online purchases. KEEPS comes with a pharmacy discount card, providing savings of up to 75 percent on your prescription medications.
If you would like to enrol in KEEPS or if you are having problems with your SSD or SSI claim, we're here to help. Call Binder & Binder® from anywhere in the United States. We have assisted hundreds of thousands of people in the past 45 years; let us help you, too.
Source: Trib Total Media, "Paper Social Security checks to end March 1," by Thomas Olson, Jan. 12, 2013.