The U.S. government is offering Social Security recipients a new way to receive benefits: debit cards.
The cards, which target the 4 million Social Security and Supplemental Security Income recipients without bank accounts, debuted this spring in four states—Texas, Arkansas, Louisiana, and Oklahoma—and are expected to be available nationwide by the end of the summer.
Those who choose to sign up for the debit program will receive a MasterCard debit card, which will be reloaded each month with benefit payments and secured with a personal identification number (PIN). The card can be used at ATMs to withdraw cash and at retailers for purchases and to get cash back.
Some usage fees are attached: Paper account statements will cost 75 cents; online bill-paying service will be 50 cents per bill. The first ATM withdrawal each month will be free; additional withdrawals will cost 90 cents each, and some ATMs may assess their own usage fees. International ATM withdrawals will cost $3 plus a 3 percent currency conversion fee.
http://www.aarpsegundajuventud.org/english/finances/2008-SUM/08sum_ssdebitcards.html?NLC-WBLTR-CTRL&DET=F5-81508
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1 comment:
Cool I own stock in both Visa and Master Card! On our way to a paper (money) less society! At least JJ can't steal your check! Anyone under 45 won't get the joke. :)
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