Social Security Payments Go Electric
Beginning March 2012, the Social Security Administration will stop mailing paper checks. All payments will be sent electronically, to an account designated by the beneficiary. The payments can either be made directly into a bank or credit union account, or placed on a Direct Express Debit Master Card. Either way, the Social Security beneficiary must elect one of these options, prior to March 1, 2013, in order to receive payment.
According to the U.S. Department of Treasury, electronic payments, compared to mailing of paper checks, will save taxpayers a whopping $1 billion dollars over the next ten years. It costs the U.S. treasury $1.00 to mail a paper check, compared to ten cents to transmit the same check electronically.
Given the political momentum to "fix" Social Security, there will be no controversy regarding electronic Social Security payments, according to Social Security Attorney and Lawyer, Randy Zeldin, Esq., of Boca Raton. Randy Zeldin is a Social Security Attorney and Lawyer representing individuals in Boynton Beach, Delray Beach, Boca Raton, Deerfield Beach and Pompano Beach, Florida.