Benefits Card Available To Social Security Recipients When A Bank Account Isn't Practical

Aug 21, 2012 Comments Off on Benefits Card Available To Social Security Recipients When A Bank Account Isn't Practical by

From the American Banker:

Nearly all senior citizens and others who receive monthly Social Security benefits on government-issued debit cards are satisfied with their cards and would recommend them to other seniors who are still receiving paper checks, a new survey has found.

The Treasury Department has been issuing the prepaid cards since 2008 primarily to give recipients easier access to their Social Security funds. The MasterCard-branded cards have been issued to more than 3 million Americans, two-thirds of whom did not have access to traditional banking services when they signed up, according to the Treasury.

In a survey conducted in June by KRC Research and commissioned by MasterCard, 95% of recipients who use the cards said they are happy with them and 93% said they would recommend them to others. Also, 97% said that the debit cards are safer than paper checks and 93% said that the card is more convenient than cash for making purchases, the Treasury said Tuesday.

The benefit card is available to anyone receiving Social Security benefits, including those receiving disability benefits. It’s a great alternative if a bank account just doesn’t work for you. It’s much safer than paying a check cashing place an arm and a leg to cash your monthly check and then keeping the money under your mattress.

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About the author

Charles Hall is the lead attorney for the Charles Hall Law Firm in Raleigh, NC. He has been practicing in the Social Security Disability law field since 1979, is published, and is ready to help new clients win their benefits in North Carolina.