The U.S. Department of the Treasury today reported that 5 million checks continue to be mailed to federal beneficiaries each month. With just two months remaining until the March 1, 2013, electronic payment law goes into effect, the Treasury Department is urging Social Security and other federal benefit recipients to not delay and switch now to either direct deposit or the Direct Express® Debit MasterCard® card.
"Choosing direct deposit or the Direct Express® card makes it easier, safer and more convenient for beneficiaries to receive their payments. Switching to an electronic payment is not optional – it's the law," said David Lebryk, commissioner of the Treasury Department's Financial Management Service. "If you or a loved one still receive paper checks for your benefit payments, now is the time to switch. It's free and easy — just call 1-800-333-1795 or visit www.GoDirect.org."
Currently, approximately 93 percent of Social Security and Supplemental Security Income (SSI) payments are being made electronically. Converting the remaining paper check recipients to electronic payments will save American taxpayers $1 billion over the next 10 years.
By taking a few minutes to gather the necessary information ahead of time, most federal benefit recipients can sign up for electronic payments with one phone call.
Individuals will need their Social Security number or claim number, their 12-digital federal benefit check number and the amount of their most recent federal benefit check. If choosing direct deposit, recipients also will need their financial institution's routing transit number, (often found on a personal check) account number and account type (checking or saving).
There are no sign-up fees or monthly fees to receive benefits electronically.blog comments powered by Disqus