Some individuals who receive Social Security benefit payments may soon notice a change in how they receive their money.<\/p>\n
Starting Sept. 30, the Social Security Administration (SSA) will no longer issue paper checks for benefit payments in an effort to \u201cmodernize payment systems and enhance service delivery,\u201d the administration wrote<\/a> in a statement.<\/p>\n Specifically, the SSA believes this change will enhance:<\/p>\n Speed and efficiency by using Electronic Funds Transfers (EFTs) which process more quickly than paper checks, helping beneficiaries receive their payments on time without delaysCost savings, as issuing paper check costs about 50 cents. whereas an EFT costs less than 15 cents. This shift could save the federal government millions of dollars annually, the SSA reports.Security, because paper checks are 16 times more likely to be lost or stolen compared to electronic payments, increasing the risk of fraud.<\/p>\n The transition primarily affects a small group of beneficiaries who have not switched to electronic payment methods already, which is less than 1%, the administration wrote. Notices are being sent out to these individuals to explain the upcoming change and highlight the benefits of switching to electronic payments.<\/p>\n Future benefit checks will also include an insert explaining the steps a beneficiary can take to transition to electronic payments. <\/p>\n People who currently receive paper checks have two options in how their Social Security payments can be made electronically:<\/p>\n Direct deposit, meaning that payments can be deposited directly into their checking or savings accountDirect Express Card, for people without a bank account who wish to have a prepaid debit card designed specifically for federal benefit payments.<\/p>\n \u201cIn extremely rare circumstances,\u201d the U.S. Department of the Treasury will grant exceptions to the electronic payment mandate. Those who wish to do so, can fill out this waiver<\/a> which can be printed out and mailed to the Treasury, whose address is on the form. <\/p>\n Further questions about this request can be made to the Treasury at 855-290-1545.<\/p>\n Beneficiaries can update their payment information through their online Social Security account<\/a>. More details about the shift and how to enroll in these digital payment options can be found here<\/a>. People can also call Social Security at 1-800-772-1213.<\/p>\n If you purchase a product or register for an account through a link on our site, we may receive compensation. By using this site, you consent to our User Agreement<\/a> and agree that your clicks, interactions, and personal information may be collected, recorded, and\/or stored by us and social media and other third-party partners in accordance with our Privacy Policy.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Some individuals who receive Social Security benefit payments may soon notice a change in how they receive their…\n","protected":false},"author":2,"featured_media":5857,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[45,49,48,133,131,132],"class_list":["post-5856","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-ca","tag-canada","tag-finance","tag-personal-finance","tag-personalfinance"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/5856","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=5856"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/5856\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/5857"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=5856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=5856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=5856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}