Social Security Myths on Social Media: How They Could Hurt You When Paper Checks End
If you're dealing with debt collection, pay close attention to the rules relating to direct deposit of Social Security benefits. Banks look back to see if federal benefits have been directly deposited in the last 60 days and have a way to protect that money from some creditors.
Unfortunately, we live in a time where oddball financial advice crops up on social media — as a way to cope, perhaps, with all sorts of anxiety.
And unfortunately, again, some people could get hurt by following bad advice relating to many things, including Social Security.
A friend on Facebook recently shared a tip that didn't sound quite right to me. "Folks, the federal workers began advising last month that all Americans remove all funds from the account where they normally receive any federal payments (Social Security, federal tax refunds and the like). Keep the account but only use it as a place for feds to transfer money. Immediately move all transferred cash to a separate account." Follow link to read more from USA Today. https://www.usatoday.com/story/money/personalfinance/retirement/2025/04/11/social-security-myths-paper-checks-end/82976363007/