Morning Business Report: Social Security debit card changes coming later this year

A major change is coming for Social Security recipients who receive their benefits through the Direct Express debit card program.

(LILAMAX)- A major change is coming for Social Security recipients who receive their benefits through the Direct Express debit card program.

The U.S. Treasury Department is replacing Comerica Bank with Fifth Third Bank as the financial institution that manages the program.

Current Direct Express cardholders will receive new debit cards from Fifth Third Bank later this year. Until then, existing Comerica-issued cards will continue to work normally.

Meanwhile, the White House has asked Congress to approve $87.6 billion in supplemental funding tied to the conflict with Iran and several domestic priorities.

The request includes defense spending, financial assistance for farmers, funding to combat the Ebola outbreak in Africa and money for construction projects in Washington, D.C., and New York City.

On Wall Street, the Dow Jones Industrial Average gained 182 points Wednesday, while technology stocks continued to struggle. Airline stocks rose on lower oil prices, but major energy companies posted losses.

A new survey also found many parents remain unprepared for the cost of college.

According to Talker Research, commissioned by College Ave, half of parents with high school seniors say they do not know how they will afford a four-year degree. The average family has saved nearly $37,000, but only 32% say they have enough to fully cover tuition and other expenses.

Wendy’s shares surged 26% after retail traders on Reddit’s WallStreetBets forum rallied behind the stock. The restaurant chain also announced it has appointed a new chief financial officer.