The Social Security Administration is making two changes to the process for direct deposit change requests.
Those are requests that Social Security recipients make to the SSA when they want their benefits sent to a different bank account than the one the agency has on file.
The SSA says it’s creating stronger identity verification procedures as a way to improve security for benefit recipients. In addition, the agency will complete direct deposit change requests more quickly.
The changes are expected to be completed by March 31.
Expedited processing of direct deposit change requests
The SSA says it will complete all direct deposit change requests within one business day. This timeline will apply whether you make your request via your online Social Security account (also known as a “my Social Security” account) or a local SSA office.
Previously, online direct deposit changes were held for 30 days before going into effect.
Stronger identity verification procedures for direct deposit changes
In the past, the SSA has simply asked questions over the phone in an attempt to verify the identity of callers requesting changes to their direct deposit information. But the agency says making such inquiries by phone “is no longer enough to prevent fraud.”
Instead, those requesting a change to their direct deposit bank information soon will need to take one of the following steps:
- Enable two-factor authentication, also known as multi-factor authentication, with their online Social Security account. The SSA website has instructions for setting up this security measure.
- Prove their identity during a visit to a local Social Security office. This step is necessary even if someone begins the direct deposit change request process over the phone.
This change will apply to requests for direct deposit changes as well as claims for benefits.
Around 40% of Social Security fraud involves illegitimate requests for changes to direct deposit information, according to the SSA.
In a press release announcing the change, Lee Dudek, acting commissioner of the Social Security Administration, says:
“Americans deserve to have their Social Security records protected with the utmost integrity and vigilance. For far too long, the agency has used antiquated methods for proving identity. Social Security can better protect Americans while expediting service.”
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