In 2012 on average there were 5 million paper checks mailed to Social Security recipients monthly. This adds up to approximately $4.6 million in monthly costs for these mailings alone.
In an effort to cut costs, the Treasury Department is going to require that all recipients of Social Security payments, including those who receive payments from Supplemental Security Income disability, and government pension plans, to sign up for electronic payments. The deadline to sign up has been set as March 1, 2013.
What happens if you miss the deadline? They will not stop sending you your payments; however, you will receive more aggressive communications from the Department of Treasury urging you to convert.
Although electronic deposits are safer than paper checks, you must still be on alert for scams that may come your way. You should never give out your personal information to someone claiming to be from the Social Security Administration Office, they would not call you seeking this information.
To sign yourself up for direct deposit, you can go online to www.GoDirect.org, call the helpline at 1-800-269-0271, or speak with a representative at your local bank. Beat the deadline and sign up for electronic deposits today.