Sign up for direct deposit
Last year, after several cases of anthrax-contaminated mail were discovered, people asked me if I thought their Social Security checks might be delayed or if it was safe to handle those checks. Well, Social Security checks were received on time and our mail was safe to handle. But in the future, the best way to alleviate any worry is to sign up for direct deposit.
Direct deposit is the safest and most convenient way to get your benefit payments. You don’t have to worry about lost or stolen checks. You don’t have to stand in line at the bank or go to the bank in bad weather. Your benefit payment automatically goes into your account for your immediate use.
I also tell people if they are not using direct deposit and their check is lost, it can take up to six weeks to investigate and replace a check. Why take the chance?
More than 45 million people receive monthly benefit payments from Social Security, and more than 80 percent of them use direct deposit. In the past, people have been reluctant to sign up because they didn’t have a bank account, they thought it was too costly to maintain an account or they preferred to get cash and “control” their money.
In addition to being safe and convenient for beneficiaries, direct deposit is more efficient and saves money for the taxpayers, because it’s less expensive than preparing and mailing checks monthly. The government saves 40 cents each time someone uses direct deposit instead of a check.
It costs 42 cents to process and mail each check, compared to 2 cents for direct deposit. If all of the Social Security and Supplemental Security Income beneficiaries who currently receive a check signed up for direct deposit, the taxpayers would save $8.4 million a month!
Signing up for direct deposit is easy-call Social Security’s toll-free number, 1-800-772-1213, or visit our office at 931 Old Smithville Highway.