I find this information interesting enough to pass along. Direct deposit seems much safer than paper checks, and people don't have to wait for the mail or worry about a holiday slowing things down. Now, the Department of Treasury is sending out encouragement to caregivers and seniors to "Go Direct."
The information in this press release comes from the Department of Treasury:
I wanted to be sure you’re aware of new findings from a nationwide survey of caregivers and others, sponsored by the U.S. Department of the Treasury’s Financial Management Service. According to findings of the survey, half of American caregivers are now helping to manage the finances of a parent, friend or other person needing their care – adding significantly to caregivers’ levels of stress and anxiety. Surprisingly, only 52 percent of caregivers receiving Social Security payments on behalf of the person they care for say they use direct deposit.
A longstanding priority for Treasury, direct deposit is a decades-old time-saving tool that is safer, easier and gives people more control over their money than paper checks. According to Treasury information, when there is a problem with a Social Security payment, nine times out of 10 it’s with a paper check, not a direct deposit payment. Last year alone, an estimated $64 million in Treasury-issued checks – including Social Security payments – were fraudulently endorsed.
Please consider sharing this information with your readers and letting them know that federal benefit recipients can easily switch from paper check to direct deposit through Treasury’s Go Direct® campaign helpline, 1-800-333-1795, or online at www.GoDirect.org. The Go Direct® campaign is sponsored by the U.S. Department of the Treasury and Federal Reserve Banks.
Please note that the U.S. Department of the Treasury’s Financial Management Service is the source of this information.
Long-distance caregiving help: