Social Security - Making the Switch to Electronic Payments

The Social Security Administration will be making the switch from paper payments to electronic direct deposit on March 1, 2013. While this is well over a year away, it is ideal to sign up now so you won't have to make the switch last minute. If you don't sign up by the deadline, the U.S. Treasury Department may send your benefits via the Direct Express® card program to avoid an interruption in payment.

Who will these changes apply to?

Electronic Payments will only be mandatory for those who apply for Social Security benefits on or after May 1, 2011. If you did not sign up for electronic payments when you applied for benefits, you can do it anytime up until the March 1, 2013 deadline. Those who applied BEFORE the May 1st deadline have the option of continuing to receive paper payments, or opting in to either direct deposit or the Direct Express card program.

Option 1: The Direct Express® Card Program - What is it?

The Direct Express Card is a prepaid debit card that your monthly benefits will be deposited to. You can use this card to make purchases and get cash anywhere Debit MasterCard® is accepted.

If you feel that this is the best option for you, signing up for the card is quick and easy. Call the toll-free Treasury Electronic Payment Solution Contact Center at 1-800-333-1795, or sign up online at www.GoDirect.org. Social Security can also be of assistance to you.

Option 2: Direct Deposit - How do I sign up?

Direct deposit is a simple, safe and secure way to receive your benefits. Your payments will be deposited directly into an account specified by you. Like the Direct Express Card Program, you can sign up online (http://www.ssa.gov/deposit/) or by calling Social Security at 1-800-772-1213.

Have any Questions? Assistance Awaits You

Our CFS* Financial Advisor Stephen Seewer is available to answer any questions you may have about your Social Security and retirement options. SF Fire provides Advisor-assisted investment solutions and meeting with our advisors is complimentary. Contact Stephen to set up a no-cost, no-obligation consultation at (415) 674-4846 or sseewer@sffirecu.org

*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. ("CFS"), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. SF Fire Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.