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Security Information
Social Security Goes Direct Deposit
July 30, 2010
The US Treasury Department announced recently that in an attempt to save money on paper and postage, it will begin phasing out checks in favor of electronic direct deposit. The shift to direct deposit will also save trees and add convenience to the many Americans receiving Social Security and other federal benefits.
"This is a very positive change," said Miranda Mole, Director of Retail Banking for Ameris Bank. "It is a more secure, economical, and convenient way to receive your payment, and direct deposit is available for free with most checking accounts. Your local bank can help you sign up in just a few minutes without a trip to the Social Security Office."
Beginning March 1, 2011, new enrollees will not be able to receive checks. Existing check recipients will have until March 1, 2013, to make the switch to direct deposit.
Using direct deposit allows beneficiaries to receive benefit payments on time, even if they are out of town, sick or unable to get to the bank. Plus, there is no check that could be lost or stolen.
Most people receiving Social Security benefits seem to agree. As of January 2010, 83 percent of all beneficiaries receive their benefit payments by direct deposit.
For more information contact:
Steven Sturm
(803) 733-2699