In 2011, the government found that 85 percent of the Social Security beneficiaries received their payments electronically. ACH 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.