Effective March 1, the federal government will require direct deposit for those Americans who previously received Social Security, Veteran Affairs or other federal benefits by paper check. Benefit recipients can choose to get their payments by direct deposit to a bank or credit union account or to a debit MasterCard card account. The government said phasing out paper Social Security checks is expected to save U.S. taxpayers about $120 million annually, or more than $1 billion over 10 years. Government officials also point out that eliminating paper Social Security checks will provide positive benefits to the environment, saving approximately 12 million pounds of paper in the first five years alone.
San Diego County Credit Union (SDCCU), San Diego’s largest locally-owned financial institution with three East County branches in El Cajon, La Mesa and Santee, has announced it is preparing to welcome new direct deposit customers. “We look forward to welcoming a new influx of direct deposit savers,” said Teresa Halleck, SDCCU president/CEO. “Receiving your Social Security or other supplemental income payments by direct deposit is safe and reliable. Recipients will not have to worry about a check being lost or stolen, and the money is available immediately on your payment date. There will no longer be a need to wait for the mail to arrive.”
The first monthly Social Security check was received by Ida Mae Fuller on Jan. 31, 1940, according to the Treasury Department. Since then about 165 million people have received Social Security benefits.
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