Skip to comments.No more paper Social Security checks come March
Posted on 01/09/2013 6:45:17 AM PST by haffast
In an effort to cut spending, federal officials began retiring paper checks in favor of direct deposits and prepaid "Direct Express" debit cards in May 2011. Since then, the Treasury Department has required all new recipients of payments from federal benefits programs -- including Social Security, Supplemental Security Income disability, Veterans Affairs and government pension plans -- to sign up for electronic payments. It set a March 1, 2013, deadline for all other recipients to do the same.
So now, the agency is urging remaining check recipients to beat the March 1 deadline. The department has partnered with more than 1,800 local, regional and national banks, credit unions, social service agencies and community groups to get the word out through mailings, public service announcements and its web site.
(Excerpt) Read more at money.cnn.com ...
(Who's yo daddy(master)?)
How do banks make a profit on auto deposit SS checks?
How much interest could they really be getting on such small amounts of money? (Individual, I get there would be lots over the population)
They can’t charge transaction fees for the EBT cards.
Uh oh.....all the thieves that have been stealing multiple SS checks at different addresses will have to apply for direct deposit to the bank. If the federal government cared about such things, it would be easy to find out who’s been cashing bogus checks.
Speaking as a teller, the cards are a pain! Many recipients prefer to come to the window rather than using the ATM. We have to process them like credit cards & are not allowed to charge for the service. If anything, we’re losing on the paper transactions.......
Won’t you need ID to set up that account?
I wonder how many millions the Goobermint spent upgrading to the new system to save a postage stamp?
Seems to me this will make fraud much easier. Its a lot easier to open multiple bank accounts than to get multiple addresses.
Stores have to pay a monthly fee for debit/credit card machines. It may not come out of your purchases but it comes out of their pockets. They did not have to pay for the old paper with carbon copy ones but you rarely see those these days.
The banks make money by loaning out your money. Say a check is deposited Monday and the cash is not withdrawn until Friday. They have four days to play with your money. They can make a nice profit in that time without charging you anything.
Just another way of saying “we’ve signed a big, smelly corrupt deal with some bank to process our wire transfers
and issue debit cards”.
Well I guess my lazy-assed, no job, bi-polar, Social Security sucking, mama’s garage dwelling f#cktard neighbor will have to get a bank account now.
Many of these recipients can NOT keep a bank account. They do not pay their fees, they overdraw their accounts, etc., ad nauseum. Banks then close their accounts which means due to the central database, other banks will NOT open an account for them. How are they going to solve THAT problem? This government is deliberately ruining this nation.
Hey, wait a minute. Isn’t this going to discriminate against minorities and illegals that have no checking accounts?
Point taken, but they also had to pay for the envelope the stamp went on, the paper that the check was printed on, the ink to print the check, etc.
Direct deposit has been around since the late 80s. Its fast, convenient and secure. No one is issued is paper paychecks anymore, today everything is electronic payment transfer.