What's a federal benefit credit

The term 'federal benefit credit' is actually the Social Security direct deposit. This is a change in the bank's terminology.

According to Social Security Administration spokesman, Brandon Smith, this is a change in the bank's terminology and is not due to a change created by SSA or Treasury.

What is a direct deposit?

By choosing to get your Social Security or Supplemental Security Income benefits by direct deposit, your funds will be electronically deposited directly into a bank’s depository account (e.g. checking account, savings account, and prepaid card account).

If you did not sign up for electronic payments when you applied for benefits, Social Security strongly urge you to do it now. If you still receive checks, the U.S. Department of the Treasury will contact you about complying with the requirement.

For more information regarding switching to an electronic payment, visit Treasury’s Go Direct website or call the helpline at 1-800-333-1795.

For more info, visit https://www.ssa.gov/deposit/index.htm.