Millions of Americans who receive Social Security benefits on government-backed prepaid cards are being moved to a new provider, after the Social Security Administration confirmed that Fifth Third Bank has begun taking over the Direct Express debit card programme previously run by Comerica Bank.
Direct Express is the plastic lifeline many retirees and disabled Americans use instead of a traditional bank account. According to analysis cited by The Motley Fool, around 3.6 million Social Security beneficiaries choose to have their monthly payments loaded onto these prepaid debit cards, which can then be used in shops, cash machines and online like any other card. That scale explains why a behind-the-scenes shift in the bank running the programme matters far beyond the small print of a federal contract.
