Jan 16th 2008, 16:31

Receive Your Social Security Payments Via Prepaid Card

No more delayed, lost or stolen paper checks

This coming spring, you will have the option to receive your Social Security and other federal benefit payments through a prepaid debit card courtesy of Comerica Bank. This is especially beneficial if you do not have a bank account and get paid by check.

If this is the case, then you're not alone. You are among four million people who receive Social Security and Supplemental Security Income (SSI) this way, according to a U.S. Treasury estimate.

The prepaid card is called Direct Express®, and it will make it more convenient and safer for you to get your money. On your designated monthly payment day, funds will be automatically deposited in your Direct Express card account so you get your money instantly. No more waiting for your check to arrive, no more lining up in the bank to cash it. Your card is protected by a personal information number (PIN) so your money is secured.

You can also do more with your prepaid card. You can:

• Access your money at automated teller machines (ATMs) and financial institutions nationwide, and
• Use your card to get cash back and make purchases at retail locations, pay bills, and make purchases online.

Your prepaid card account is also insured by Federal Deposit Insurance Corporation (FDIC) and is subject to federal consumer protection regulations.

The U.S. Department of the Treasury's Financial Management Service (FMS) is behind this initiative. The Direct Express card is designed to solve problems associated with paper checks, such as delivery delays and lost or stolen checks. It is also meant to save taxpayers a lot of money. FMS Commissioner Judy Tillman says that if every federal check recipient without a bank account signs up for use of the card, it will save as much as $44 million per year.

After its introduction this spring, the card will be made available nationwide by the end of the summer. For more information about this initiative, you can visit: http://www.fms.treas.gov/news/press/financial_agent.html.

 

To Do List: - Suggested Links:

1. Increase Your Income:
   Get an online degree with financial aid from the government.
2. Consolidate Your Bills:
   Student Loans - Credit Card Debts - Refinance Home
3. Reward Yourself:
   Get a new computer for free.
4. Get some cash you don’t have to pay back:
   Government has money for almost any worthwhile need.
5. A MasterCard or Visa, even if your credit is not good
   A real line of credit