The United States Department of the Treasury has stated plans to transition all Social Security beneficiaries from paper checks to direct deposit. This change is scheduled to be completed by March 1, 2013. This means Social Security checks will no longer come in paper form to the seniors mail box.
This will require all Social Security recipients to have a bank account. Monthly Social Security Adminstration (SSA) e-payments will be directly deposited in to the seniors account. Electronic distribution of money is believed to be fast and safe.
Seniors who do not have a bank account would receive a monthly U.S. debit card. Financial counselors estimate the senior would receive a .75 cent charge for the paper statment explaining the card total.
First time applicants for Social Security benefits after May 1, 2011 will receive their payments only through direct deposit to their chosen bank account, or on a debit card.
Home Care Path www.homecarepath.com assists seniors with in home chores in south central Wisconsin.
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