The vast majority of the country’s 75 million-plus Social Security beneficiaries receive their benefits via direct deposit into their bank accounts. Some, however, receive their monthly payments via a prepaid Mastercard designed to provide an alternative for those without a traditional bank account.
It’s those 3.6 million beneficiaries that will note a change in their payments, some as soon as this month.
In May, the Social Security Administration announced it was switching the company that administers its Direct Express cards. Comerica Bank previously handled the program. It will now be handled by Fifth Third Bank, which merged with Comerica earlier this year.
The changeover started in June, though rollout will depend on when you started using your card.
New Direct Express card enrollees will automatically receive their cards from Fifth Third Bank. Existing account holders will receive their new cards later this year or early next year. Beneficiaries should continue to use their existing Comerica cards until they receive the new ones. Recipients will be notified with a letter before the cards are sent.
“It is important for beneficiaries to keep their contact information up to date to ensure they receive all communications,” the agency said in a memo.
Comerica cardholders will use the pre-existing app, Social Security said. Fifth Third Bank cardholders will also have access to the new Direct Express mobile app. The app will be used to activate the new card.
The cards can be used wherever Mastercard is accepted.
