Direct deposit delivers your Social Security or Supplemental Security Income (SSI) benefit into your bank, savings and loan or credit union's account quickly and safely. The U.S. Treasury sends an electronic message to your bank, savings and loan or credit union crediting your account with the exact amount of your Social Security or SSI benefit. You can withdraw money, put some in savings or pay bills-the things you do with your money now. The difference is, your check isn't printed or mailed.
Yes. Effective May 1, 2011, applicants filing for Social Security and Supplemental Security Income (SSI) benefit payments must choose either direct deposit or the Direct Express® debit card. Currently entitled beneficiaries and recipients receiving payment by check will have until March 1, 2013 to switch to direct deposit or the Direct Express® debit card. As of March 2011, 85 percent of all Social Security and SSI beneficiaries received their benefits by direct deposit. For more information, please visit the Department of the Treasury’s Go Direct® website http://www.godirect.org I'm interested in receiving my benefits electronically. What should I do?
Here are three options:
The benefits of using electronic payments are:
If you already have a checking or savings account, ask at your bank where you have an account. They'll be glad to help you. Be sure to take your bank statement or personal check, and your Social Security number when you go to sign up.
Or, you can call Social Security at 1-800-772-1213 (TTY 1-800-325- 0778). We'll need to determine your identity by asking you a few questions. We'll also need your banking information and your Social Security number.
When you sign up for direct deposit, you can expect your benefit in your account within 30 to 60 days. We'll send you a letter telling you when to expect your benefit to be in your bank account.
Your money is deposited on the day you're scheduled to receive your benefit. For example, if you usually receive your benefit on the third of the month, your money is available to you at the opening of the business day on the third. You can check with your bank to be sure that your money is in your account.
Your money is available for use as soon as the bank deposits it into your account. You can write checks, pay bills, withdraw money or put some into savings. Anything you usually do with your money now, you can also do with direct deposit.
Source: Social Security Administration