Are You A Direct Deposit Holdout?
Are you or someone you know among the nearly one in five people receiving Social Security benefits who is not using direct deposit?
We often scratch our heads and wonder why everyone does not sign up for direct deposit.
Direct deposit really is the most convenient way to make sure that your benefit payments are there when you need them. Most of the nearly 50 million people getting Social Security do take advantage of direct deposit, but certainly not all. And we would like them to reconsider.
So here are some of the many advantages to using direct deposit.
• You never have to worry about a lost or stolen benefit payment. While check theft has doubled in the past 10 years, not one benefit payment has ever been lost with direct deposit.
• You have your money available on the day that it is automatically deposited. There is no need to wait in long lines to cash a check....or to battle wind, rain or snow to get to the bank...or to use your car’s gas, or arrange for other transportation.
• In an age when folks worry about privacy, you should know that direct deposit of benefits is actually more confidential than getting a check because fewer people are involved in the payment process.
• And, finally, direct deposit gives you the chance to perform a small, patriotic service. According to the Department of the Treasury, it costs the government about 45 cents to process and mail a check, while it only costs about 9 cents to send those same benefit payments using direct deposit. Last year alone, direct deposit saved Social Security’s trust funds almost $169 million.
If you or someone you know are among the one of five people receiving Social Security benefits who are not now using direct deposit, I invite you to visit us at www.ssa.gov/deposit/. You will find easy-to-understand, easy-to-use information about how you can become part of the direct deposit majority. Or you can call 1-800-772-1213 or visit a local Social Security office and ask for the publication Social Security-Receive Your Benefits By Direct Deposit. You can also get a copy of this publication by visiting our website, www.social.security.gov.