To reduce costs, the U.S. Treasury is going paperless. Starting May 1, 2011, the Treasury Department will begin phasing out paper checks. Benefit payments for things like Social Security Disability, SSI and Veterans Compensation will be made through electronic funds transfers directly into recipients' bank accounts. It is estimated that it will take 2 years to change the entire system away from paper checks.
The government estimates that this will save $1 billion over the next decade. This is in part due to the large influx of baby boomers who will begin receiving Social Security retirement checks - 18 million or so. Though a lot of people already get benefits directly deposited into their banks, the government still cuts paper checks to 11 million people.
Anyone that is receiving a check currently will have to change to direct deposit by March 1, 2013. The Treasury Department is saying that they will notify recipients of how to make that switch. If someone does not make the change, they will receive a Direct Express card.
Many of my clients have been doing this for years, and it works very well. Once benefits start, I have never had a client tell me they had a problem with their deposit being made on time.
Copyright (c) 2011 by Florida Disability Benefits Lawyer John V. Tucker and Tucker & Ludin, P.A. All rights reserved. For assistance with your Long Term Disability claim, ERISA Disability benefit claim, Social Security Disability claim, or Veterans Disability compensation or pension claim, call Disability Lawyer John Tucker at (866) 282-5260.
