Social Security Benefits Go Paperless March 1
NEW YORK (LowCards.com) -- Anyone getting Social Security or other federal benefits has until March 1 to switch to electronic payments or prepaid debit cards.
In a cost-saving measure, the government started a program in May 2011 to eventually eliminate the paper checks distributed for Social Security, Veteran Affairs, Supplemental Security Income and other government programs. According to Treasury officials, a mailed check costs the government 92 cents more than a payment made by electronic transfer.
Eligible recipients were required to move to direct deposits or the prepaid debit cards called "Direct Express." They have until March 1 to make this switch.
More than 90% of these payments are being made electronically. The government is still mailing more than 5 million checks each month, though, costing an estimated $4.6 million. These consumers now have less than two months to make the change."We won't interrupt their payment, but we will be communicating with them in a more personal direct way," Walt Henderson, a Treasury official, told CNN. Recipients who need help switching to electronic payments can visit a special website or call the Go Direct call center at 800-333-1795.
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 + 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