Jul 21, 2012

Payment Of Social Security Benefits By Debit Card Popular

     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.


Anonymous said...

I assumed most payments were bank deposits and recipients could use their debit cards. If you are using a Master card, who is controlling the funds you aren't spending and how much are associated fees??

Anonymous said...

Anon 6:26, all of your answers and more are here: http://www.usdirectexpress.com/edcfdtclient/docs/faq.html