U.S. Treasury Urges Texas's Federal Benefit Recipients To Act Now In Response To Electronic Payment Rule
WASHINGTON, Nov. 12, 2012 /PRNewswire/ -- With just four months remaining until the March 1, 2013, transition to all-electronic federal benefit payments, the U.S. Department of the Treasury reports that Texas seniors and other federal benefit recipients are still receiving nearly 318,000 paper checks each month and have yet to switch to direct deposit or the Treasury-recommended Direct Express ® Debit MasterCard ® card.
"If you or a loved one haven't yet made the switch, please take note of this new law and sign up for electronic payments today," said David Lebryk, commissioner of the Treasury Department's Financial Management Service. "Our friendly, courteous call center agents are available to answer questions and assist seniors and others with the switch to direct deposit or the Direct Express ® card."
Two choices for electronic paymentIn Texas today, nearly 4 million monthly federal benefit payments are already made via direct deposit to a bank or credit union account, or to the Direct Express ® card. The card allows federal benefit recipients to pay bills, withdraw cash and make purchases without paying check-cashing fees. The money on the Direct Express ® card is FDIC-insured, and many card services are free. "Whether you choose direct deposit or the Direct Express ® card, you will experience the same benefits of electronic payment: You don't need to go to the bank or credit union to deposit or cash your check every month, you don't have to worry about misplacing your check, and you don't put yourself at risk for having your check stolen," Lebryk said. "Electronic benefit payments also will save American taxpayers $1 billion over the next 10 years." The Treasury Department's Go Direct ® public education campaign is working with more than 1,800 partner organizations throughout the country to spread the message about the electronic payment rule and educate federal benefit recipients about their options. The Treasury Department encourages beneficiaries who have questions about electronic payments to visit www.GoDirect.org to view several educational videos and print materials that explain how electronic payments work and how to use the Direct Express ® card. Making the switch is easy
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV