If you’re a social security recipient – you might want to listen up.
Transcript:
If you’re a social security recipient – you might want to listen up. The Trump Administration announced it will soon stop sending out paper checks to beneficiaries. The move is aimed at trying to fully modernize federal benefits payments.
According to the Treasury Department, moving from paper checks to electronic payments will help on a few levels. First off, the department says paper checks are more prone to fraud. Secondly, it’ll save money. Each paper check sent out costs the government 50 cents, while sending benefits electronically cost just 15 cents.
There are currently a little over 500,000 beneficiaries receiving paper checks – that’s less than 1% of all recipients.
But the shift from paper checks isn’t limited to social security. Starting September 30, all government payments – including tax refunds and vendor payments – will shift to electronic payments.
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