Treasury Services

Treasury’s EFT Rule: Time for financial institutions to shift into high gear

August 2012

With just over six months until the March 1, 2013, deadline when all federal benefits must be paid electronically, there are still a whopping six million checks received monthly by federal beneficiaries. And, while significant progress has been made, financial institutions need to encourage customers to switch to direct deposit sooner rather than later.

Is your institution already promoting direct deposit with campaign fliers and posters? While financial institutions’ use of these materials has already gone a long way in raising awareness, there is more you can do. To really boost your direct deposit conversions, consider reaching out to your audience more directly.

Here are some suggestions:

1. Put tellers in charge: Check recipients enjoy visiting your tellers each month to cash their government check, which provides an excellent opportunity to convert them to direct deposit. Train tellers and other frontline staff to inform federal benefit check recipients that they are required to make the switch, and share the benefits of direct deposit. Then, help sign them up on the spot using your own enrollment process or Go Direct Online Enrollment System (Off-site Link). If these paper check recipients are not ready to make the switch, give them a Go Direct flier or deposit slip sticker and encourage them to sign up when they get home. 
2. Give customers more of what they like...mail: Identify customers who are 60 years old or older and send them a direct mail piece about the Treasury Department's new requirement. Include the benefits of direct deposit and promote ways your customers can make the switch to direct deposit. You can also target people of any age who do not have direct deposit set up with your financial institution and encourage them to set up direct deposit for their federal benefit check. 
3. Include a message on their statements: Add Go Direct messages or inserts to statements being sent to your customers who receive federal benefit checks. If you are not able to identify federal benefit recipients precisely, consider including statement messages for people who are 60-plus who are members of your seniors' club. 
4. Give customers something to read: Include a Go Direct article about the new requirement in your newsletters or other publications to seniors.
5. Show customers how to prevent fraud: Add Go Direct messages and information to presentations and events geared toward seniors or other federal benefit recipients to help ensure they receive their money in the safest way possible.

 

Free materials are available

The Go Direct campaign provides free materials to help support your efforts to communicate directly with federal beneficiaries. Simply download or order materials at www.GoDirect.org (Off-site Link).

Below are examples of materials available to you.

• Teller Training Materials - The campaign's teller training webinar, monthly reminder messages and quick quiz for tellers are educational resources you can share with your frontline staff. 
• Newsletter Copy - The campaign's newsletter copy can be easily dropped into your publications or adapted for a direct mail piece. 
• Statement Messages and Inserts - These brief messages and inserts can be added to your statements to customers. 
• PowerPoint Slides and Talking Points - These simple slides and informative talking points can be incorporated into already existing presentations.
• Fliers and Deposit Slip Stickers - These colorful materials can be handed directly to your customers who cash or deposit their federal benefit check in your financial institution.

For more information about promoting direct deposit for federal benefit payments, visit www.GoDirect.org (Off-site Link).

 

The Go Direct^®campaign is sponsored by the U.S. Department of the Treasury and Federal Reserve Banks. The Go Direct^®and Direct Express^®logos, Go Direct^®and Direct Express^®are registered service marks of the U.S. Department of the Treasury, Financial Management Service (used with permission). The Direct Express^®Debit MasterCard^® card is issued by Comerica Bank, pursuant to a license by MasterCard International Incorporated. MasterCard^® and the MasterCard^® Brand Mark are registered trademarks of MasterCard International Incorporated.

Top of Page