Having federal benefits paid electronically by direct deposit into the bank or a credit union account, or into a Direct Express® card account is safer, faster and more reliable than receiving paper benefit checks. The U.S. Department of the Treasury, Financial Management Service reports that in 2010, more than 540,000 Treasury-issued checks were reported lost or stolen, and had to be reissued.
The U.S. Department of the Treasury is now requiring all federal benefit and non-tax payments to be paid electronically. People applying for Social Security, Veterans Affairs or other federal benefits, will receive their payments electronically starting with their first payment. People currently receiving federal benefit checks must switch to an electronic payment option by March 1, 2013.
If they do not choose an electronic payment option at the time they apply for federal benefits or those who do not switch by the deadline will receive their benefit payments via the Direct Express® Debit MasterCard® card. If you are already receiving benefit payments electronically you do not need to take action. You will continue to receive your payment as usual on the payment day.
With direct deposit, the Treasury Department sends an electronic message to your bank or credit union account on your usual payment day with the exact amount of your benefit payment from Social Security, VA or other federal agency. You don’t have to worry about your money being stolen out of your mailbox and there’s no need to make a trip to cash or deposit a check. Plus, it’s better for the environment and saves taxpayer dollars.
To learn more about the switch from paper to electronic benefits, and to register for paperless benefits by March 1, 2013 visit www.GoDirect.org.
For more consumer tips and to learn how to avoid identity theft, visit www.bbb.org
Source: U.S. Department of the Treasury, Financial Management Service
0 comments:
Post a Comment