In 2011, the government found that 85 percent of the Social Security
beneficiaries received their payments electronically. Direct deposits greatly
decrease the risk of financial crime, it is more convenient, and it allows for
more control over your own money.
Additionally, the switch eliminates the $120 million cost from taxpayers
associated with the printing, shipping, and replacing of paper checks.
According to The Official Website of
the U.S. Social Security Administration, a new law will go into effect on March 1, 2013 that
requires everyone who receives federal benefit payments from the government – including,
but not limited to VA, Supplemental Security Income (SSI), and Social Security
checks - must switch to an electronic payment system. Those who do not change to an electronic
payment option by the March 1st deadline may start receiving their
money via a Direct Express® Debit MasterCard®.
If you receive federal benefit payments from the government and would like
to find more information about the change or start making the switch today, you
can either go online at GoDirect.org or call (800) 333-1795.
