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THE
FACTS: DIRECT DEPOSIT SAVES TIME
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What
is Direct Deposit?
Direct Deposit is the electronic transfer of your benefit
or other type of payment into your checking, share draft
or savings account. Instead of receiving a check in
the mail your money is automatically deposited into
your account.The money is available to you the morning
of the payment date.
Direct Deposit offers these benefits:
Convenience: No more special trips to your institution
to deposit your check—a nice feature if you are
busy, ill, away from home, located far from a branch
or in a place where parking is hard to find.
Reliability: You no longer need to wait for your
check to arrive in the mail. Your money will always
be in your account on time. If you move without changing
financial institutions, you will not have to wait for
your check to catch up with you.
Security: You do not have to worry about lost,
stolen or misplaced checks.
Flexibility: If you decide to switch accounts
or financial institutions, it is easy to change your
Direct Deposit arrangements.
Simply contact your financial
institution
and the agency or
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organization
that makes your payment. Both will be able to assist
you. |
| What
types of payments can be made by Direct Deposit? |
- Benefit
checks from the Federal Government, such as Social
Security, Supplemental Security Income (SSI), Railroad
Retirement, Veterans Benefits and Civil Service
Retirement
- Benefit
checks issued by State governments, including retirement
and unemployment
- Pension
payments
- Income
from investments
- Paychecks
from an employer
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Will
my money be safe?
Your money is protected.
Government agencies have rules to protect you in case
of an error. The Social Security Administration has
used Direct Deposit since 1976 and has never lost a
payment. Plus, your money is protected up to $100,000
per depositor if it is deposited in a Federally insured
institution.
Direct Deposit is more confidential than getting a check
because fewer people are involved in the payment process. |
If
you are currently receiving your Federal benefit payment(s)
by check, and you
would like to receive these payments by Direct Deposit - please
click here.
See
statistics comparing Direct Deposit and Check payments
provided by the Social Security Administration
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