Starting Fri., March 1, 2013, the federal government will begin saving $1 billion taxpayer dollars over 10 years by switching to direct deposit and electronic payments for federal benefits.
"Paper checks can be lost, stolen, or delayed. Electronic payments of federal benefits will ensure that veterans receive their VA benefits and senior citizens get their Social Security support quickly and securely," said Congressman McNerney.
The U.S. Department of Treasury began switching to paperless payments on May 1, 2011. Below are some key facts about the switch:
You can switch to direct payments online at www.godirect.org or by calling (800) 333-1795
Those without bank accounts may receive electronic payments with the Direct Express® Debit MasterCard®. This debit card has no sign-up fees, monthly charges, or overdraft charges and no credit check is required to enroll.
People that already receive federal benefit payments electronically do not need to take any action.