Changes to Social Security payments could affect you
By: David Gonzalez
Updated: January 16, 2013
Starting on March 1, the U.S. Department of Treasury will require anyone who receives paper checks for federal benefits like social security to make the switch to electronic payments.
Government funds will only be received through direct deposit or a Direct Express Prepaid Card.
Those who choose the card will automatically have their funds loaded onto the card on payment dates.
Walt Henderson, director of te Go Direct Campaign for the U.S. Department of Treasury says the switch will help save money.
"The reasons we're doing this is because, first costs savings," Henderson says. "It's estimated that if we're able to convert all of our checks over to direct deposit, it will save the government and ultimately tax payers a billion dollars over 10 years."
If someone doesn't sign up for electronic payments by the deadline, the treasury department may send his or her benefit via the direct express card program to avoid an interupption in payment.
For more informaton, log onto godirect.org, call 1(800)333-1795 or visit your local bank or credit union.
