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Tuesday, April 17, 2012

Goverment "Bailed" on checks

The Federal Goverment is making the switch over to electronic payments and bailing on the paper checks in the mail. If your in jail - remember that 510 Bail Bond can still bail you out in time to receive your electronic payment. Below are some of the details of the change:

How the changes in delivering Social Security and other government benefits will work:
Starting last year, new beneficiaries were required to electronically receive Social Security, veterans' benefits, railroad pensions and federal disability payments.

 By March 1, 2013, nearly everyone will be required to receive their payments electronically, mainly through direct deposit into a bank account.

 Those without bank accounts will be issued a Direct Express debit card, which will receive payments and can be used for purchases at retail stores and for cash withdrawals at ATMs.

 There will be no fees for debit card purchases but there will be fees for some ATM transactions.

 Beneficiaries who are age 90 or older won't be required to make the change. Others can apply for a hardship waiver but they will be granted only in "extreme, rare circumstances."

 The federal government issues 73 million benefit payments a month. About 90 percent of the payments already are done electronically, so about 7 million people will have to make the switch.



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