Updated
Updated · AL.com · Jun 21
Social Security Shifts 3.6 Million Direct Express Cards to Fifth Third Bank
Updated
Updated · AL.com · Jun 21

Social Security Shifts 3.6 Million Direct Express Cards to Fifth Third Bank

3 articles · Updated · AL.com · Jun 21

Summary

  • 3.6 million Direct Express beneficiaries are being moved to Fifth Third Bank, with the Social Security Administration saying some users could see the change as soon as this month.
  • June marked the start of the transition after Fifth Third merged with Comerica earlier this year; new enrollees now get Fifth Third cards automatically.
  • Existing cardholders should keep using their Comerica cards until replacement cards arrive later this year or early next year, after advance notice by letter.
  • Fifth Third cardholders will activate their new cards through a new Direct Express mobile app, while Comerica users can keep using the current app during the rollout.
  • The switch affects only beneficiaries paid through the prepaid Mastercard program, a minority of the more than 75 million people receiving Social Security benefits.

Insights

As millions get new benefit cards, what hidden fees or service changes are coming with the new bank?
With 3.6 million benefit cards changing hands, how secure are government payments in the era of mega-mergers?
A $10.9B merger created a new banking giant. Is its aggressive Texas expansion a sign of market dominance?