Direct deposit, now an option for Social Security payment
People, including Indiana residents, who receive monthly Social Security benefits and other federal checks can now start receiving their payments through direct deposit to their bank accounts rather than through the use of conventional paper checks, according to a recent report.
Indiana is believed to save an average of $840,000 a year when everyone chooses to get their benefits through direct deposit, the U.S. Department of Treasury said. Additionally, the federal government is estimated to be able to save about $1 billion over a period of ten years when the transition is implemented. Moving to direct deposit helps address the issue of stolen paper checks from mailboxes, which had amounted to around 440,000 lost or stolen checks last year.
A Go Direct employee will contact any benefit recipient who missed the March 1 deadline to sign up for direct deposit.
Getting the Social Security benefits you need is critical, as it can pay for costly medical bills, among other types of expense. Our legal team at Hankey Marks & Crider, P.C., can help you file for the benefits you need or answer any questions you may have. Call (317) 634-8565 today to learn more about your eligibility for Social Security benefits.