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01-10-2013, 02:18 AM #1
No more Social Security checks come March
No more paper Social Security checks come March
By Melanie Hicken @CNNMoneyJanuary 9, 2013: 5:39 AM ET
About 5 million paper checks for Social Security are mailed each month - representing an additional $4.6 million in monthly costs, Treasury officials said.
NEW YORK (CNNMoney)
Millions of Americans still receiving paper checks for Social Security and other federal benefits have less than two months to switch to electronic payments.
In an effort to cut spending, federal officials began retiring paper checks in favor of direct deposits and prepaid "Direct Express" debit cards in May 2011. Since then, the Treasury Department has required all new recipients of payments from federal benefits programs -- including Social Security, Supplemental Security Income disability, Veterans Affairs and government pension plans -- to sign up for electronic payments. It set a March 1, 2013, deadline for all other recipients to do the same.
Roughly 93% of payments are now being made electronically. But about 5 million checks are still mailed each month -- representing an additional $4.6 million in monthly costs since each mailed check costs 92 cents more than a direct deposit transfer, Treasury officials said Tuesday. The agency said if it didn't push for the switch to electronic transfers it would cost taxpayers another $1 billion over the next 10 years.
So now, the agency is urging remaining check recipients to beat the March 1 deadline. The department has partnered with more than 1,800 local, regional and national banks, credit unions, social service agencies and community groups to get the word out through mailings, public service announcements and its web site.
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01-10-2013, 06:17 AM #2"The only thing necessary for the triumph of evil is for good men to do nothing" ** Edmund Burke**
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01-10-2013, 09:27 AM #3
- Join Date
- Aug 2009
Solutions like that just don't work for regular "FOLKS LIKE US" we need proof of life to get anything...even then they try to prove were not eligible to get anything!!! But the illegals don't need proof of anything for "anything"...even to vote...cause there not regular folks their special!!!!!