500,000 Social Security Recipients Are in for Another Change in October, and It May Not Be a Bad Thing

Beginning Sept. 30, the Social Security Administration (SSA) will no longer send paper checks -- with one exception. According to Sen. Elizabeth Warren, Social Security Commissioner Frank Bisignano assured her that the rollout will begin with people who already have checking accounts. Social Security recipients who require access to paper checks will continue receiving them for now.This could affect some 500,000 Social Security recipients, or less than 1% of total recipients. If you typically receive Social Security benefits via check, you can use this time to determine your next step. The SSA offers two options: You can receive payment via direct deposit to your bank account or a Direct Express card. A Direct Express card is a prepaid Mastercard debit card that receives monthly electronic federal benefits directly into the card account. The funds are available on your payment date, and you don't need a bank account to use them. Like any debit card, the Direct Express card can be used to make purchases, withdraw cash from banks and ATMs, and pay bills by phone or online. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool