The Treasury Department is set to offer a prepaid debit card for Social Security recipients and has chosen Dallas-based Coamerica Bank as the card issuer, The Wall Street Journal reported on Friday.
The report said the card is targeted at Social Security and Supplemental Security Income recipients who don't have bank accounts, and is also aimed at providing cheaper and more secure payments by shifting away from paper checks.
Food stamps have been using this system for years. This is a great idea and needs to be phased in as a mandatory way to receive benefits if you don't use direct deposit into your bank account.
ReplyDeletePaper checks are easily stolen, easily lost, and there are too many people who abuse the non-receipt system as a way to get a quick loan with no interest.