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Direct Deposit of Benefit Payments
Social Security benefits can be deposited into a variety of financial institutions, but there are some restrictions and requirements.
- The Social Security Administration (SSA) can deposit benefits into a checking or savings account at any bank, credit union, or financial institution in the United States that is a member of the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA).
- Benefits can be deposited into a joint account, but the account must be titled in a way that allows the beneficiary to retain control of the funds. For example, the account should include the beneficiary’s name along with the name of a co-owner.
- You can find more information here.