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Unbanked government-assistance recipients give thumbs up to Treasury debit program
July 21, 2009
The U.S. Department of the Treasury has released new survey findings of Social Security recipients, following the launch of the Direct Express Debit MasterCard — a prepaid debit card option for Social Security and Supplemental Security Income recipients. The card is aimed at the approximately 4 million unbanked federal benefit recipients who rely on paper checks.
According to the survey's findings, more than half a million people have signed up for the card, with 95 percent saying they are satisfied and 86 percent saying they would recommend the card to others who receive a federal benefit payment.
The Treasury's FMS commissioner, David Lebryk, says in a news release that the card aims to provide the nation's 4 million Social Security and Supplemental Security Income recipients with a low- or fee-free financial-services alternative:
 | Millions of senior citizens, people with disabilities and other Americans who lack access to traditional banking services now have a safer, more convenient way to receive their federal benefit payments than paper checks. In its first year, the Direct Express card has helped to bring hundreds of thousands of Americans into the financial mainstream. With this card, people now have a lower-cost alternative to visiting check cashing facilities and carrying large amounts of cash. |  |
Trends / StatisticsRegulation / LegislationPrepaid / Stored Value / Gift CardUnderbanked / UnbankedDebit / CreditNorth America
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