Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Life Health > Health Insurance > Life Insurance Strategies

Allsup: SSDI To Offer Debit Card Option

By Staff Writer

X
Your article was successfully shared with the contacts you provided.

The Social Security Disability Insurance program is starting a test program in April that will permit SSDI recipients in Arkansas, Louisiana, Oklahoma and Texas to collect benefits through direct deposits to debit card accounts.

Beneficiaries who lived near the bank running the SSDI Direct Express debit card program, Comerica Inc., Dallas, could get one free cash withdrawal per month but would have to pay 90 cents for each additional cash withdrawal, according to SSDI experts at Allsup Inc., Belleville, Ill., a firm that helps people with disabilities apply for SSDI benefits.

Financial professionals who work with SSDI recipients should point out that some may be better off opening a conventional bank account or continuing to collect checks, Allsup says.

The debit card system will work best for recipients who do not have or want a bank account but have easy access to Comerica automated teller machines, Allsup says.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.