One year from now, the federal government will stop issuing paper checks for Social Security benefits including Supplemental Security Income, or SSI.
The U.S. Treasurer said Thursday that the clock is now ticking for those who continue to receive a monthly check in the mail. By March 1, 2013, all beneficiaries — including those with disabilities — will be required to get their payments electronically through direct deposit or on a debit card.
The transition to electronic-only payments has been in the works for some time. Since May 2011, all new benefits recipients have been required to choose either direct deposit or debit card payments.
Already, 90 percent of federal beneficiaries use electronic payment methods, officials said. However, the government continues to issue about 7 million paper checks monthly.
“The switch to electronic payments is a win-win for federal benefit recipients and for taxpayers,” said U.S. Treasurer Rosie Rios. “It provides a safer, more secure, more convenient way for Americans to access their federal benefits, while also improving government efficiency and delivering more than $1 billion in savings.”
Social Security beneficiaries can make the switch to electronic payments online or by calling 800-333-1795.