Fifth Third Takes Over 3.6 Million Direct Express Cards for Social Security Beneficiaries
Updated
Updated · The Motley Fool · May 25
Fifth Third Takes Over 3.6 Million Direct Express Cards for Social Security Beneficiaries
2 articles · Updated · The Motley Fool · May 25
3.6 million Social Security beneficiaries using Direct Express prepaid debit cards are being shifted to Fifth Third Bank after the Treasury's Bureau of the Fiscal Service named it the program's new financial agent.
Comerica-issued cards will keep working for now, but existing users are set to receive new Fifth Third Direct Express cards over the summer; new enrollees will get Fifth Third cards immediately.
Beneficiaries with direct deposit to bank accounts will see no change, while card users who have moved recently are being urged to update their address with the Social Security Administration to avoid missing replacement cards and mailed notices.
The switch affects only the card program, which serves people without bank accounts; beneficiaries can instead route payments to a bank account through direct deposit using their routing and account numbers.
As millions get new Social Security cards, will hidden bank fees reduce their essential benefits?
A bank merger forces new cards on 3.6 million. Could a system failure disrupt payments this summer?