Social Security is issuing a payment change that will affect 3.6 million beneficiaries.
The agency will issue new debit cards to affected beneficiaries because of a change in financial provider.
This change is due to the decision by the agency’s direct express program to switch from Comerica Bank to Fifth-Third Bank as the financial provider backing these prepaid debit cards, according to the Social Security Administration.
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Despite the change in financial providers, most beneficiaries will not see a change in payment amounts or timing.
The change began earlier in May.
Here’s what you need to know about the update to the direct express program.
What updates to Social Security’s direct express program will affect beneficiaries?
The direct express program enables Social Security and Supplemental Security Income (SSI) recipients to receive benefits via a prepaid debit card rather than by direct deposit to a bank account.
The update to this program is mainly administrative, as beneficiaries will receive debit cards from Fifth Third Bank to replace their old ones from Comerica Bank.
No changes will be made to payments, and most beneficiaries do not need to take any action.
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“Beneficiaries will receive advance notice of the transition of their accounts and should continue to use their Comerica-issued cards following transition until the card expires,” the Social Security Administration announced.
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