How to Switch Bank Accounts With Your Social Security Checks
According to the Social Security Administration's website, approximately 8 out of every 10 people receiving Social Security payments do so via a direct deposit bank account. That means once a month, your payment is delivered electronically to your bank without the need of paper checks. If you plan to switch bank accounts, you can rest assured that the Social Security Administration is well versed in the procedure for rerouting your payments. Contact the SSA as soon as you decide to change your account.
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Instructions
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Open a new bank account in the financial institution of your choice. Verify with the bank that the company is FDIC-insured. Request to set up direct deposit with your bank account. Like your old bank account, you will need the direct deposit option to accept your social security checks. Ask the teller or manager handling the opening of your new account to give an information sheet about your account to you. You will need your account information when you contact the Social Security office.
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Contact the Social Security office branch of your area via phone, Internet, or by visiting in person. A Social Security representative will assist in helping to set up your new direct-deposit bank account. The office will ask you to fill out a form to verify your identity and banking information. When asked, supply the office with your social security number and bank account number. The representative will start the transfer process so that you may receive your money.
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Close your old bank account, if you are switching banks, once you have received your final Social Security payment for that account. According to the Social Security office, it can take between 30 and 60 days to set up and receive direct deposit payments. In that time, you may receive your normal payment in your old account. Closing your old account before it's time could cause you to lose your payment.
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References
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