The Direct express debit card is an unsecured prepaid credit card that is available to those who receive SSI and Social security benefits. The card was initially available nationwide in the summer of 2020. Once enrolled, monthly payment is automatically deducted from the cardholder's bank account.
With the debit card, a user does not have to make a deposit. In fact, all of the money that the user would normally pay to their lender is deducted directly from their bank account. Some people feel this is too risky. After all, they do have their money at the bank!
The main benefit of the Direct express debit card is the convenience it provides. A user can simply withdraw the cash at any financial institution and have their money deposited immediately into their bank account. This provides them with flexibility without having to carry large amounts of money with them. The advantage is that they don't have to wait on hold or worry about getting a response from a live person.
The downside of the Direct express debit is the amount of information that is required to receive benefits from the card. It is required that the card bearer fill out an application and submit it to a specific company. Most of these companies only require that a name and social security number are provided. They do not require more information to confirm their identity.
While many people believe that the Direct express debit is not a very secure card, they are wrong. The credit card holder can request for an emergency deposit to cover any overdraft fees, penalties, and surcharges. They can also request an increased credit limit if they desire to do so. Some of these services are also available if a cardholder becomes unemployed. This allows the card holder to take care of their debt without fear of losing any of their assets.
Despite the negatives, the Direct express debit is an extremely useful card. It is easy to apply for, fast to obtain, and provides a fast way to pay for bills. If a user were to get caught without a bank account, a money back guarantee is available.
When looking for a debit card, be sure to find a reputable company. There are many shady companies out there who will try to con consumers by asking for their bank information.
To find a good card issuer, it is a good idea to research online. Once the user has found a good company, it is recommended that the card is applied for and then mailed in to the cardholder. This way, the company will be able to get an immediate response back.
When deciding if the Direct express debit card is right for you, make sure to weigh all of the options. before applying.