Get ready for change if you get Social Security benefits in the form of a paper check. After March of 2013, Social Security payments will only be made via direct deposit or added to a debit card.
As of now, 85% of Social Security and SSI beneficiaries use direct deposit. New applicants are required to sign up for electronic payments, but people who were previously receiving checks can still get checks -- until next year.
The change should reduce cost, delays, and fraud. However, it may be confusing for some beneficiaries; anybody who's grown accustomed to depositing those checks for several decades is going to have to try something new. If you know somebody who might have trouble with the change to electronic payments, let them know what's coming and what to do about it. The Social Security Administration provides guidance on direct deposit and FAQs.
Further reading:
- Don't wait for Social Security check in the mail
- Refinance Programs: After the Crisis
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