Social Security Payment (SSI) goes green..
This age can correctly be termed the electronic age because everything today can be accomplished at the click of a button through the internet. All you need is an internet connection and you can click away to pay your bills, purchase things and even receive payments in your bank account. Social security benefits are the latest to join the electronic bandwagon.
As per the Government rule if you apply for social security benefits on or after May 1 2011, then you should receive your payments or benefits electronically. This is ideal for the present age as the benefits receiving process becomes safe as well as convenient. If you had not chosen to receive payments online when you applied for the social security benefits, then you should do so right away. The deadline fixed for switching to receive electronic SSI benefits is March 1 2013. If you do not switch to the electronic SSI route then the U.S Department of Treasury may have to send your payments via the Direct Express Card program so that an interruption in the payments is avoided.
3 Different methods of receiving social security payments:
1) Direct Deposit: Prior to the introduction of the electronic payments of social security payments, people could receive their payments through Direct Deposit or the Direct Express Card program. The Direct Deposit method is a safe and comfortable way to receive payments directly in a bank account or a credit union account. To avail payment through direct deposit you should have access to the transit routing number of the financial institution, your account type and your account number. Your bank help desk will help you with signing up for Direct Deposit.
2) Direct Express Card: The other way to receive social security benefits is the Direct Express card program for which you do not need a bank account. The payments are directly deposited into your card account and the Direct Express card works in the same way as a bank debit card. The monthly benefits will be available for use on the payment day. You can very well use your Direct Express card to withdraw cash at many locations, pay bills and make payment for purchases made. There is no charge for most transactions. The Direct Express card payment scheme is safe and very convenient because you do not have to wait for checks in the mail or even worry about checks being stolen.
The electronic method of receiving social security payments is the best way to do so. This method is safe as there is no risk of checks being stolen. Your money is protected as soon as you notify of a theft or loss of your Direct Express card. The e-payments of social security benefits offer ease and convenience to the benefit receiver as the money is directly deposited into his bank account or the direct card account. There are no longer long waits for the check to arrive in the mail. When you receive your federal benefits electronically then it saves you the process of depositing the check in the bank or withdrawing the money. You can use your Direct Express card almost anywhere and the card is accepted at all places where The Master Card is accepted. You can make payment of bills, purchase anything you want with your Direct Express card.
Many people wonder as to how safe the Direct Express card is. This card has many benefits and is very safe. The card account had federal consumer protection and your money is FDIC insured. You card account is protected with your Personal Identification Number (PIN), to which only you have access. In case of a loss or theft of your card, it is immediately replaced.
3) Electronic Payments: The third and final option of receiving social security benefits is through an electronic transfer. There is an electronic transfer account and this account is a low cost federally insured account. It gives you the advantages of enjoying the safety and convenience of electronic payments. You will find lots of information about this electronic payment account by searching the internet. You may also contact a bank, loan or credit union who offers this kind of an account and sign up for it with them.
The electronic way of receiving social security payments has paved a way for safer, economical and convenient receiving social security benefits and everybody should make use of this method.