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Treasury officials say electronic deposits will eliminate the $93 million in Treasury checks of all kinds that were fraudulently endorsed and cashed in 2010.
One reason some beneficiaries resist direct deposit, Mr. Henderson said, is that they fear their electronic deposits can be hacked or diverted.
March 1 is the deadline set by the federal government for converting all benefits payments — including Social Security — to electronic deposits.
Instead of grubby notes and coins, consumers would pay and be paid using electronic deposits on their phones or computers – and their banks could then penalise them for failing to spend that money.
The survey, which has a margin of error of plus or minus 3.5 percentage points, was sponsored by the Direct Deposit and Direct Payment Coalition, which, by the way, promotes the benefits of electronic deposits and payments.
Consumer groups — along with paper-producing interests – -are urging the federal government to improve safeguards for Social Security recipients, as the government phases out paper checks for beneficiaries in favor of electronic deposits.
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Instead, the bank repays itself from an electronic deposit into the borrower's account.
You should also review the FAQs about the electronic deposit system.
Your electronic deposit will go directly to ProQuest along with its appearing in Academic Commons.
After both sides of a check are scanned, the device's software reads the routing number and dollar value and creates an electronic deposit slip.
Beneficiaries aged 92 and older are exempt from the electronic deposit requirement, and others who still want to get paper checks can apply for a waiver.
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