Direct Deposit and ETA

The safest way to receive Social Security benefits seems to be through direct deposit. "Your money is protected. Government agencies have rules to protect you in case of an error. The Social Security Administration has used Direct Deposit since 1976 and has never lost a payment. Plus, your money is protected up to $100,000 per depositor if it is deposited in a Federally insured institution."

Now, another tool has been added: ETA. This is an option, especially anyone with bad credit:

"An ETA Provider is required to open an ETA for any recipient of a Federal benefit, wage, salary, or retirement payment regardless of credit history, unless

(1) the financial institution is aware that the individual previously held an ETA that was closed because of fraud at any financial institution, or;

(2) the institution, for reasons of fraud or account misuse, previously closed an ETA held by the individual at that institution."

Carrying large amounts of cash is not always safe and both of these options provide one with a safe way to receive their benefits. Click here to see who provides these ETA services in your state.