Social Security recipients will now exclusively receive payments electronically, eliminating paper checks. This change affects millions, especially older Americans and those without bank accounts. Around 6% of the population lacks a bank account, including 23% of individuals living in poverty. Beneficiaries are encouraged to enroll in direct deposit or use the Direct Express card, which presents challenges for those unfamiliar with debit card usage. Some exceptions to this new payment method apply for individuals over 90 and those who face hardships due to mental impairments or geographic isolation.
The transition to electronic payments exclusively aims to improve efficiency, security, and ensure beneficiaries receive their monthly benefits promptly, according to the SSA.
Beneficiaries without a bank account, which is around 6% of the population, will face challenges under the new system, with 23% of people in poverty lacking an account.
The Direct Express card is designed for federal benefit payments, but those unfamiliar with debit cards will have difficulties tracking their balances and managing funds.
Social Security beneficiaries over 90 and those with certain hardships can still receive paper checks, but the majority will have to adopt the new payment methods.
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