Direct deposit delivers Social Security or Supplemental Security Income (SSI) benefit payments into your bank or credit union’s account quickly and safely. You can withdraw your money at any time. The difference is, your check is not printed or mailed. Effective May 1, 2011 all applicants filing for Social Security and Supplemental Security Income (SSI) benefits must choose either direct deposit or the Direct Express debit card. Current entitled recipients receiving payments by check via mail will have until March 1, 2013 to switch to direct deposit or the Direct Express debit card. If you did not sign up for electronic payments when you applied for benefits, please contact Social Security as soon as possible. Often times when filing for Social Security clients do not receive an award letter right away, but receive automatic deposit payments into their account before they realize they have been awarded. In this case, providing direct deposit information during the initial application has many benefits, not only for security but also for efficiency. If you are unable to obtain a direct deposit account, U.S. Department of the Treasury may send your benefits via the Direct Express card program to avoid an interruption in payment. The benefits of using electronic payments include: not having your checks lost or stolen, payments direct and on time, and the ability to know your money is safe. When you sign up for direct deposit, you can expect payments deposited in your account within 30 to 60 days. Social Security will send a letter telling you when to expect your benefit to be in your bank account. Benefit payments are deposited on the day you are 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 also call your bank to be sure that your money is in your account accordingly. Again, if you have questions about payments please contact Social Security at 1-(800)-772-1213.
