Only five months remain until the U.S. Department of the Treasury will require all federal benefit payments to be made electronically. Help your customers who still receive federal benefit checks switch to direct deposit now, rather than waiting for the March 1, 2013, deadline.
Not only will electronic payments be required by the Treasury Department for federal benefit payments, but they will provide your customers with a safer way to receive their money. Last year alone, more than 440,000 Social Security and Supplemental Security Income checks were reported lost or stolen. Electronic payments eliminate the risk of a paper check being lost or stolen so people who rely on that money for essentials, such as medicine, rent or groceries, can be assured the money will be there when they need it.
Research shows that tellers are highly trusted sources of information about direct deposit and they play a key role in helping customers switch to electronic benefit payments. Educating and training your frontline staff about the Treasury Department’s electronic payments requirement, and the benefits of direct deposit, is an important part of the process in helping to transition your customers.
The Treasury Department’s Go Direct® campaign offers free materials to make it easy for financial institutions to train frontline staff and urge federal benefit check recipients to switch now before time runs out. Get involved today:
By working with your customers now to ensure they switch to direct deposit for their federal benefit payments, you will be well positioned when the clock winds down. Preparing your tellers and bankers with information on how to respond when a federal benefit check recipient comes into your lobby will help to ensure they switch to direct deposit with time to spare. For more information 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® logo and Go Direct® are registered service marks of the U.S. Department of the Treasury, Financial Management Service (used with permission).
Address comments and questions to the Financial Services Webmaster.
©2013 Federal Reserve Banks