|Videos on new payment system|
Do you know someone who gets checks from the government for Social Security or other federal benefits?
Well, things are about to change!
As of March 1, all U.S. government benefit payments will be made by either Social Security Direct Deposit or individuals will be enrolled in the government's Direct Express Debit MasterCard program.
Few exceptions allowed
Roughly 5 million people still receive checks, with Florida, California, New York, and Texas among the states with the highest number of people still receiving paper checks. Some seniors born before May 1, 1921, can still receive paper checks if they choose. But everyone else must either sign up for monthly direct deposit OR receive a monthly debit card with their benefits.
What does this mean?
It means that I'll be helping my 92-year-old grandmother enroll in direct deposit. And it's a chance for us all to remind friends or family members who are elderly (or less comfortable with technological innovations) that they'll need to enroll or expect to receive monthly debit cards from Uncle Sam.
This change will eliminate about 136 million paper checks sent by the government, saving taxpayers approximately $303 million in the first five years after the switch.
The move to go paperless is part of the government's efforts to ensure the safe, quick delivery of funds and make receiving payments easier for residents impacted by natural disasters. It's also part of an effort to work smarter, boost efficiency and modernize business methodologies.
Do What You Do Best, and Let Benay Do the Rest!
Benay also helps our clients work smarter and more efficiently. Quick and clear financial information, including weekly AP & AR reports (paperless, too!), customized P&L reports, and constantly updated financials help businesses see where potential efficiencies may be available.
Unlike my grandmother, you don't have to wait to be 92 to become a Benay client. We'd love to find out how we can work smarter, faster and more efficiently on your behalf, so you can focus on growing your business.
Just give me a call or a quick email to start the conversation.