Social Security Direct Express Mastercard

[Newby]

ForeThought did monthly credit cards for a year or so but dropped it. They said it was because very few agents used it.

 

[fdahl82]

It sounds like a *pre-paid* credit/debit card. It would have a routing and account number attached to it; however, it would become an issue of whatever bank the card/account is with, whether or not they will allow an ACH/EFT charge to that account. Some pre-paid accounts like that will not allow these charges.

Typically they are but this is something special that Soc Sec has set up for folks who don't have a bank acct

 

[Tfree]

I have been running into quite a few Seniors who have their SS checks direct deposited into a Direct Express Debit Mastercard that Social Security has set up. So far I am not finding any Final Expense companies that will draft from this type of account. Do you all know of any FE companies that will?

Typically, these cards are set up by SS not to accept ACH/EFT like a standard card would. Your ins. company may be able to explain further-hope this helps.

 

[360]

Thanks for the heads up on AmAm JD, it will be nice to have someone other than Assurity for that business. We haven't seen any difference in govt. issued debit card business and checking eft. You're setting up the debit the same day money is deposited, to me it's one and the same. I would totally agree that persistency is lower on an actual pre-paid card, but not the cards issued for social security.

 

[magagent]

I am almost certain Bankers Fidelity will accept credit cards on a monthly basis.