Navigating the complexities of Social Security payments can significantly impact your financial planning. Understanding the schedule and requirements for Direct Deposit ensures you receive your benefits promptly and efficiently.

The Social Security Administration said Wednesday it is eliminating telephone service for direct-deposit account transactions. The agency said the move is meant to eliminate the risk of fraud associated with changing bank-account information by telephone.

The agency will move ahead with a much narrower revision eliminating direct deposit changes by phone amid DOGE fraud concerns.