SS payments soon put on debit cards WASHINGTON — The Treasury Department said Friday it would begin offering the option of providing monthly Social Security payments on debit cards, and said it hopes millions of people without bank accounts will make use of the new service. Treasury officials said Comerica Bank had been chosen to offer the new debit cards, which have been given the name “Direct Express.” Officials said Comerica was selected because of its experience in handling prepaid cards for benefi t recipients in various state-run programs. Treasury’s Financial Management Service estimated that 4 million recipients of Social Security and Supplemental Social Security, benefits paid to the poor, do not have bank accounts. FMS Commission Judy Tillman said that if every unbanked federal check recipient signed up to use the new cards, it would save taxpayers about $44 million per year in reduced costs for printing and mailing paper checks. Officials said they would start to introduce the new card in the spring. Those who decide to use the cards will have their Social Security payments automatically deposited in their Direct Express card account. Card holders will be able to have access to their money at automated teller machines and financial institutions nationwide, Treasury said.
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