Q and A with KOSSOVER: Time it takes to change direct deposit for Social Security
Q. How long will it take Social Security to change my direct deposit account? A. This depends on computer processing dates during the month, your payment date and when you contact Social Security. Direct deposit is the term for electronically sen...
Q. How long will it take Social Security to change my direct deposit account?
A. This depends on computer processing dates during the month, your payment date and when you contact Social Security. Direct deposit is the term for electronically sending your benefit payment directly to your financial institution.
Benefits should be received in the new account by the second payment after providing updated account information to Social Security, but your record might be updated as quickly as your next payment.
Keep in mind that Social Security payment dates are on different dates of the month. Since 1997, retirement benefits are paid on the second, third or fourth Wednesday of a month based on birth dates.
A change made at the beginning of a month might be in place with your next payment if your benefit is due at the end of a month, but it may take until the second payment if you receive benefits earlier in the month.
The 2016 payment schedule is at www.ssa.gov/pubs/EN-05-10031.pdf . If you have moved, be sure to update your mailing address with Social Security too.
Important: Do not close your old bank account until benefits are received in the new one.
You are sent a letter confirming the change in your direct deposit. If you receive a letter like this without reporting a change, you might be a victim of ID theft. Contact Social Security immediately to have your record reviewed and corrected.
An easy way to change your direct deposit and mailing address for Social Security retirement, survivors or disability benefits is through your online, pin- and password-secured, personal my Social Security account at www.ssa.gov/myaccount . Other services there include requesting a letter to verify the amount or type of your of benefits and replacing your Medicare card.
You can also update your record by calling the Social Security national toll-free number, (800) 772-1213 or at TTY at (800) 325-0778 or by contacting your local office. For either of these, expect to be asked questions to confirm your identity.