SSDI Benefit Payment Options

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In the past, most people received their Social Security Disability Insurance (SSDI) benefits as a check that came in the mail. Those days are over. Soon the government will require everyone who gets …

In the past, most people received their Social Security Disability Insurance (SSDI) benefits as a check that came in the mail. Those days are over. Soon the government will require everyone who gets Social Security benefits to receive electronic payments. There are two options for receiving electronic SSDI payments, direct deposit or debit card. Each of these payment options has pros and cons which are discussed here.

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  • 1. SSDI Benefit Payment OptionsIn the past, most people received their Social Security Disability Insurance (SSDI) benefits as a check thatcame in the mail. Those days are over. Today, most people receive their SSDI benefits by direct depositinto a bank or credit union account. Soon the government will require everyone who gets Social Securitybenefits to receive electronic payments.There are two options for receiving electronic SSDI payments, direct deposit or debit card. Each of thesepayment options has pros and cons. It is recommended to review both options to determine which type ofpayment works best for you.Direct DepositMost people receive their SSDI benefits by direct deposit into a bank or credit union account. There aremany reasons this option is popular:  It’s convenient and reliable. The money is deposited into your account on your payment day each month giving you immediate access to your money from virtually anywhere.  It’s low or no cost. Many banks offer free checking accounts with no minimum balance. You also may be able to pay your bills electronically or use the bank’s ATMs at no additional charge.  It’s secure. The money in your bank account is protected and insured up to $250,000 by the FDIC.  It can help you manage your money. Electronic banking makes it easy to track your expenses and manage your accounts.Debit CardIf you do not have a bank account or do not want to have funds deposited directly into a bank account youmay choose to receive your Social Security benefits on an electronic debit card offered by the U.S.Treasury Department. There are many benefits to the electronic debit card:  It’s convenient and reliable. Your money will be automatically loaded onto your card on payment day each month. You will have access to your money at all times from virtually anywhere.  It’s easy to use. For example, you can make purchases and get cash back at stores. You can get cash at ATMs or from bank or credit union tellers. You can pay bills online. You can buy money orders at the post office.  Funds are protected from creditors. Federal law makes it illegal for a creditor to seize your Social Security benefits. This includes benefits you get on a debit card.  It’s secure. The money in your card account is protected and insured up to $250,000 by the FDIC.Its also free to use the card. There are no sign-up or monthly fees unless you choose to addadditional services. Both electronic payment options have their benefits and it is entirely up toyou to decide which option you would prefer. If you have any questions regarding SSDI benefitsvisit allsup.com or call 800-854-1418.