Banking News
Important Social Security Update
Social Security will soon require all participants to receive their benefit payments through electronic methods. You can choose from two secure electronic options: Direct Deposit or Direct Express® Card.
While electronic payments may sound complicated, the process is easy and also guarantees that you will receive your benefits on time, with no risk of lost or stolen checks.
Direct Deposit
Direct Deposit is a safe and convenient way to receive your benefits by sending your funds directly to your CBNWI bank account. Our Personal Bankers can guide you through the simple process of setting up Direct Deposit.
Direct Express® Card
The Direct Express® Card is a debit card you can use to access your benefits without a bank account. Your money is deposited directly into the debit card account. You can use the card to make purchases, pay bills, or get cash from ATMs.
There are no sign-up fees or monthly account fees. Most transactions are free, but some do have a fee. Your account is protected by a Personal Identification Number (PIN) as well as insured by the FDIC (like all CBNWI accounts). A lost or stolen card will be replaced.
To sign up for Direct Express® Card, call the toll-free government hotline at 1-877-212-9991, sign up online at www.USDirectExpress.com, or contact Social Security.
Sign-Up Deadlines
If you already receive Social Security, you must elect electronic payments by March 1, 2013, but don’t wait! If you do not meet this deadline, you will be automatically enrolled for the Direct Express® Card.
If you apply for Social Security benefits on or after May 1, 2011, you must receive your payments electronically. If you did not sign up for e-payments when you applied, it is important to do so as soon as possible to avoid any confusion.
For Information and Support
CBNWI Personal Bankers are available to discuss your questions and concerns about how you receive your benefit payments. We will help you make the right choice for your specific needs. Contact a CBNWI Personal Bankers today!
