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White House.gov Press Office Feed

Wednesday, December 5, 2012

ALL FEDERAL BENEFIT PAYMENTS WILL BE DIRECTLY DEPOSITED STARTING MARCH 1, 2013

FROM: FEDERAL DEPOSIT INSURANCE CORPORATION

Getting Ready to Go Direct Deposit for All Federal Benefit Payments

Beginning March 1, 2013, all federal benefits payments including Social Security income, will be made electronically. This move is expected to save taxpayers $1 billion over the next 10 years, while ensuring that all federal benefit recipients receive their money in the safest, most reliable way possible. Those who are currently receiving a paper check should arrange by March 1st to have their funds direct-deposited into an account of their choice. People who have not chosen an electronic payment option by that date will receive their money via the Direct Express card, a prepaid debit card that can be used to pay for purchases and access cash at ATMs. Financial educators can use Money Smart as a resource to help consumers select the best bank account for their needs, particularly for those who may choose to open a new account.