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- All banks that provided subsidized banking accounts are informing customers of the impending closure of the federal customer benefits program on Aug 8.
- It is estimated that this closure will affect approximately 100,000 individuals
- However, consumers can continue receiving their benefits using the DirectExpress debits card and typical bank accounts.
- Also Read: Did You Know About These Roth IRA Withdrawal Rules? Find Out Here
- Also Read: Why Social Security and Federal Pensions Don’t Always Work Together as Seamlessly as You Think
- Also Read: Balancing Social Security with Your Federal Pension—Here’s What Works and What to Be Careful With
In its place, the federal government has created another instrument to facilitate the collection of Social Security benefits. This instrument is known as the DirectExpress debit card. With this card, you can collect your monthly Social Security benefits, has no monthly fees, make purchases, withdraw cash as well as pay recurring bills.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_custom_heading text=”How does TSP work?” font_container=”tag:h2|font_size:20px|text_align:left|color:%23363636″ google_fonts=”font_family:Raleway%3A100%2C200%2C300%2Cregular%2C500%2C600%2C700%2C800%2C900|font_style:500%20bold%20regular%3A500%3Anormal” css=”.vc_custom_1527247059259{margin-bottom: 20px !important;}”][/vc_column][/vc_row][vc_row][vc_column width=”2/3″ el_class=”section section3″][vc_column_text]However, unlike the soon to be closed program that relies on bank accounts, there are restrictions with the new program. Banks will only offer one free monthly withdrawal. Also, your bank reserves the right to convert your account type. Conversion may occur automatically, and you might be expected to open a different type of an account. Note that you may be required to pay processing fees which you didn’t do with the previous program. Despite that, it is not a must that you remain with your current bank. You have the option of opening an account with some other bank of your choice.
Given that, you are free to use any financial product or service provider available in the market. Luckily, if you desire to do so, there are many options available in the marketplace today. These providers are more than what was available during the launch of the soon-to-be a defunct program.[/vc_column_text][/vc_column][vc_column width=”1/3″][vc_single_image image=”28002″ img_size=”293×286″ style=”vc_box_shadow”][/vc_column][/vc_row]