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Alternative Ways To Receive Social Security Benefits

Direct Deposit of Social Security Benefit Payments

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What is Direct Deposit?

With direct deposit, the U.S. Treasury sends an electronic message to your bank, savings and loan or credit union crediting your account with the exact amount of your Social Security benefit. There is no check involved. You don't have to do anything -- the money automatically appears in your account.

You can withdraw money, put some in savings or pay bills -- any thing you do with your money now. The only difference there is no check mailed to you. Because there is no check, it can't be lost or stolen.

The advantages of Direct Deposit

Direct Deposit:

  • Is safe. Crime against mail carriers and people collecting Social Security increases around the first of the month because that is when everyone used to receive their Social Security payments.
  • Is dependable. You also don't have to worry about checks getting lost in the mail.
  • Provides immediate access to your cash.
  • Is convenient. You don't have to deposit checks yourself or go to the grocery store to cash your check.

The disadvantages of Direct Deposit

  • You need to have a checking account (but see Electronic Transfer Account below.)

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