Wednesday, July 9, 2008

New Payment Method for Social Security Payments

For Social Security and other federal benefits, the U.S. Treasury has decided to offer an alternative for paper checks in the form of the Direct Express Debit MasterCard as announced in this article from CCH. The main purpose is to offer individuals who do not have a bank account a safe way to receive their money. The offer will be made available to only ten states initially with a nation wide release set for later this summer.

Judith Tillman, a FMS commissioner made this statement:

"People without bank accounts now have a user-friendly, practical alternative to paper checks for their monthly federal benefit payments. We know that many check recipients are eager for a card-based option for their federal benefits, and we are confident the Direct Express card will provide many Americans an important entry point to the financial mainstream."

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