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Why is it important to keep your Social Security Banking Details updated?

01/06/2023 | Latest News

In today’s world, banking and financial transactions are increasingly being digitised and this has led to the evolution of direct credit payments. Payments by direct bank deposit is an efficient and convenient method of receiving Social Security benefits. It provides benefits payments to be deposited directly into your bank account whereby it reduces the risk of lost or stolen cheques.

To take advantage of payments effected by direct bank deposits, you need to ensure that your Banking Details are regularly up-to-date. The mySocialSecurity online services provide a platform for updating your Banking Details and even changing your payment method from cheque to payment effected by direct deposit into your bank account. This service is also available to anyone registered under the Social Security Act and who is not necessarily a beneficiary.

Updating your Banking Details through mySocialSecurity online services comes with many benefits. For instance, you can request an SMS notification to notify you in advance when your benefit would be deposited. This feature enables you to keep track of your finances and plan accordingly. Additionally, updating your Banking Details ensures that you receive your payments on time.

It’s important to note that the indicated bank account must be a savings or current account, but not a loan account. The indicated bank account must also be in the name of the beneficiary or in the name of the beneficiary’s administrator registered with the Department of Social Security. If you have a garnishee order, you need to inform your preferred bank branch about the amendment to Article 381 of the Code of Organization and Civil Procedure (Cap. 12.) to have a tailored bank account issued in your name.

In the event that a deposit in your bank account is not processed due to an incorrect account number or closure of an account, you need to notify the Department of Social Security immediately online or by visiting a hub. This procedure typically takes from ten (10) to fifteen (15) days to be processed, and the Department of Social Security will notify the bank regarding the transaction.

Overall, by keeping your Banking Details up-to-date through the mySocialSecurity online service, payment by direct bank deposit, is a convenient and efficient way of receiving Social Security benefits, whilst eliminating the risk of  lost or stolen cheques.