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Go Direct for Safety and Convenience

November 2005

Many seniors have become accustomed to receiving their social security checks in the mail. The monthly check has a significant impact on their lives. It reminds them to pay their bills, go to the bank or balance their checkbook. The thought of not getting the check can bring anxiety and disrupt routines.

Today there is an alternative to the paper check that is safer and more reliable. Direct deposit protects millions of people from fraud and identity theft, and gives them more control over their schedules and money. Federal beneficiaries who choose direct deposit are 30 times less likely to have a problem with their payment than those who get checks in the mail.

The U.S. Department of the Treasury and the Federal Reserve Bank encourage social security beneficiaries to choose to receive their federal benefits in the safest, fastest and easiest way possible -direct deposit.

With direct deposit, the Treasury electronically transfers a payment into a beneficiary's checking or savings account. There's no check involved and the payment is there when the individual's bank or credit union opens on payment day. The benefits of direct deposit are clear:

• It's safer - Direct deposit protects people from fraud and identity theft. To date, no direct deposit social security payment has ever been lost or stolen.
• It's easier - Payments go directly into your account, so you don't have to go to the bank or credit union to deposit a check.
• It gives you more control -Direct deposit is predictable. You know you'll have your money at the same time each month. You don't have to be at home when the check arrives, and it can't be lost or delayed in the mail.

Direct deposit also provides a significant savings over paper checks - 75 cents per payment. Nearly 13.3 million benefit checks are issued each month. If these were converted to direct deposit, it would save taxpayers about $120 million annually!

An added benefit of direct deposit recently became all too clear when mail service was disrupted by the Gulf Coast hurricanes. Residents of the region who receive their benefits by direct deposit did not have to worry that their checks would not come. Their money was there when they needed it most.

Yet many people still choose to receive a paper check each month for a variety of reasons:

• They like the monthly ritual of the paper check.
• They see the benefit to direct deposit, but need motivation to change.
• They don't understand how direct deposit works
• They don't have a bank account

It's simple to sign up for direct deposit. It only takes a few minutes to enroll by phone or in person at a bank, credit union or your local Social Security office.

If you would like to use direct deposit but don't have a bank or credit union account, there are other options. Individuals can call the Go Direct helpline at 1-800-333-1795 and ask for more information about opening an account.