Social Security to Stop Mailing Checks

According to the Social Security Administration, they will stop sending paper checks to beneficiaries by March 1, 2013. The switch to electronic payments will be for Social Security, Supplemental Security Income, Veterans Affairs, Railroad Retirement Board, and Office of Personnel Management payments. Besides saving the taxpayer $120 million in the cost of mailing, it should speed access to those monthly payments for the beneficiaries and avoid the risk of loss that occurs over a half million times annually.

Anyone applying for SSI after May 1 , 2011 will receive their payments electronically. For those who still receive their checks by mail will need to take action and make one of several elections to insure uninterrupted payments. Payments can be received either by direct deposit or funds can be credited to a debit card. As reported in a US News March 12, 2012 article (Social Security to Go Paperless in 2013) The debit card has a number of fees that the recipent should be aware of. (see US News link below) http://money.usnews.com/money/blogs/planning-to-retire/2012/03/16/social-security-to-go-paperless-in-2013

http://www.socialsecurity.gov/pubs/10073.html”>

 

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