U.S. Department of the Treasury Requiring Switch
January 29, 2013
WASHINGTON D.C. - The U.S. Department of the Treasury is phasing out paper check payments and requiring federal benefit recipients to get their money electronically. After March 1st, 2013 the U.S. Department of the Treasury will no longer issue paper checks to beneficiaries.
The U.S. Department of the Treasury recently reported that 5 million checks continue to be mailed to federal beneficiaries each month. With little time remaining until electronic payment law goes into effect, the U.S. Department of the Treasury is urging Social Security and other federal benefit recipients to not delay and switch now to either direct deposit or the Direct Express® Debit MasterCard®* card.
According to the U.S. Department of the Treasury the move to all-electronic federal benefit payments provides significant savings to American taxpayers who will no longer incur the price tag associated with paper checks. In addition, electronic payments are safer, easier and more convenient for benefit recipients.
This applies to the federal benefit payments from the following federal benefit agencies:
- SOCIAL SECURITY ADMINISTRATION (INCLUDING SSI)
- VETERANS AFFAIRS (VA)
- RAILROAD RETIREMENT BOARD
- OFFICE OF PERSONNEL MANAGEMENT
- DEPARTMENT OF LABOR (BLACK LUNG)
A safe and convenient solution to the looming deadline is to sign up for Direct Deposit. With Direct Deposit federal benefits will be directly deposited into your Community State Bank account by the U.S. Department of the Treasury.
If you would like to sign up to have your federal benefits delivered via Direct Deposit, Community State Bank would be happy to help with the enrollment process. Please give us a call (262) 878-3763, or stop in at any location to get started.
*NOTICE: Direct Express® Debit MasterCard® is issued by Comerica Bank in conjunction with the U.S. Department of the Treasury. Direct Express® Debit MasterCard® is not serviced by, nor associated in any way with Community State Bank.