Social Security Payouts going Digital

If you receive a security check each month, you will no longer receive it starting March first. The US treasury is looking to save money by doing away with these checks and paying social security payouts digitally. When this begins, everyone currently receiving social security benefits will need to choose between having the money deposited directly into their bank account, or transferred onto a debit card issued by the treasury.  This change will affect close to 5 million people who receive these benefits each month.

Along with being a way to cut costs, the treasury department states that it is safer, easier and more convenient than the previous method of sending checks each month.  The main goal of this change is to save 1 billion over 10 years. Most of the current fees come from check processing and mailing costs.  You can read more about this change here.

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