(NEXSTAR) – If it hasn’t already, the way you receive Social Security benefits could soon change as the agency transitions away from its former payment method.
Last year, President Trump signed an executive order to modernize “payments to and from America’s bank account” and to promote “operational efficiency.” Under the order, funds sent out by the federal government are to be done electronically, with few exceptions.
This move impacts not only Social Security benefits, but also benefits from the Department of Veterans Affairs and tax refunds from the IRS.
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These payments will no longer arrive as paper checks, as they may have in the past. Instead, beneficiaries are encouraged to sign up for direct deposit or another form of digital payment.
It may prove safer for you, the Trump administration notes, claiming that paper checks are 16 times more likely to be lost, stolen, altered, or sent back as undeliverable than payments made electronically. Each paper check also costs more than $3, the Treasury Department reports. That’s 20 times more costly than electronic payments.
“This shift could save the federal government millions annually,” the Social Security Administration said in a Tuesday blog post.
There’s a good chance that your Social Security benefits are already set up to be sent to your bank account or another digital payment method. Paper payments were set to cease at the end of September, with some exceptions. Plus, data from the Social Security Administration shows that less than one percent of beneficiaries – about 280,000 total recipients – receive payments via paper checks.
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If you are among those who are still receiving a paper check, the Social Security Administration recommends switching to digital payments “as soon as possible.”
You can do this online through the Social Security website, following instructions on how to add your bank account information. Your banking institution can also share direct deposit information with the agency.
If you are without access to banking services or electronic payment systems, you can still receive a prepaid debit card through the Direct Express program. More details can be found on the GoDirect.gov website.
You can also request a waiver through the Treasury Department if you are unable “to make this transition,” the Social Security Administration explains. This waiver is accessible by calling 1-877-874-6347 and speaking with a technician who can help you through the process.
The Social Security Administration says it intends to fully transition to electronic payments this year.
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