Social Security and Living in Mexico

David Simmonds

Back in January the U.S. feds announced that by summer they will begin distributing funds to Social Security recipients using prepaid debit cards instead of checks. They have chosen Dallas-based Comerica Bank to be the card issuer, making one wonder what kind of grease that took for them to get the gig. The idea, mainly targeted towards people who don’t have a bank account, is being touted as a significant cost savings for the recipients and the government. Each recipient would be issued a card and each month money would be loaded onto the card.

But there are some real costs in the new system, especially to the recipients. Although the first withdrawal is free, each one after that will cost .90 cents. Also, many ATM’s, especially in Mexico, levy a charge to use the machine. If you want a paper account statement it will cost .75 cents, and to pay bills online will be .50 cents each. And there is a $3.00 fee on international currency exchanges, again affecting those in Mexico. If you lose your debit card? They usually don’t carry the protection that credit cards do.

Maybe this new system will be an improvement, but I would weigh the cost against the benefits very carefully. Based on past performance of the corporate-giveaway present administration, I’m thinking that the bank stands to be the real winner in this deal. If I were a senior collecting S.S., I would opt for direct deposit into an free senior checking account. Clearly, not all new ideas are good ideas.

4 thoughts on “Social Security and Living in Mexico”

  1. Ugh, just one more example of corporate America screwing the citizens with the full-on blessing of the U.S. government. Lovely.

  2. I don’t think it’s corporate American screwing the citizens with the full-on blessing of the US Government.

    I think it the US Government in business with and in control of the banks. It is called Fascism. It is the Government owning and/or controlling business to screw “We the People”


  3. I simply cannot put stock in any “new” technology when it has yet to be proven. Does the government think we ALL are idiots? I detest the constant degradation of my personality to that desire of the government to be a mere Lemming and follow that which the omnipotent, omniscient wonderful Oz government expects us to be. I AM a person!

  4. It’s part of our new paperless society. The fed is attempting to go paperless on checks and, if they succeed, will actually save a ton of money over the long run. I work in a bank that processes all the fed’s checks for the Dallas repository.

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