Nowadays, you can’t escape the stories of how individuals and companies alike are trying to save money. Even the United States Postal Service isn’t immune from the recessive economy, not to mention Americans’ movement away from postal mail toward more direct and efficient e-communications. Now, there’s one more giant to add to the list of economical frustrations . . . the United States government itself is grappling with its debt ceiling and how to best remain efficient while limiting its expenses.
In an attempt to do just that, the government has decided to phase-out all paper checks that are currently being sent to approximately 15% of Social Security beneficiaries. For those Social Security beneficiaries who already receive their benefits via direct deposit, this may not be news at all. However, there are some well-considered reasons why some beneficiaries elected to receive paper checks and the government had to grapple with those issues prior to effectuating this change. To learn more about the phase-out process and issues the government had to address, click here.