February 25, 2013
The United States Treasury Department says there are roughly five million recipients of Social Security Disability and retirement benefits who still receive paper checks each month. This will soon be a thing of the past though, as the program moves over to exclusively offering electronic payments next month.
NPR News explained that beginning on March 1, the government will only issue benefit payments to a bank or credit union account held by the recipient. Those individuals who do not have a banking account have the option of having their benefits loaded onto a debit card provided by Chase Banks. These cards will allow access to an extended ATM network and will present users with minimal fees.
Officials say the move to electronic payments is being done to not only create a more efficient way of making payments, but also a more costly way of doing business as well. The switch is estimated at saving the government more than one billion dollars over the next decade. It is also important to note beneficiaries will receive their payments much faster electronically.
Many recipients reported being hesitant to make the switch due to security concerns; however, officials are assuring beneficiaries that the new system provides users with a much safer way of receiving their benefits.
The Memphis Personal Injury Lawyers with John Michael Bailey Injury Lawyers encourage anyone who receives benefits and has not made the switch to the electronic system to consider doing so.