News, Social Security checks going paperless. (pension, states, retired, years)
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WASHINGTON, April 26 (UPI) -- Discontinuing paper checks for Social Security payments will save taxpayers $1 billion in the next 10 years, U.S. Treasury officials said Tuesday.
Rosie Rios, the treasurer of the United States, announced the change and signed a ceremonial check for $1 billion made out to taxpayers, the department said in a news release.
My wife and I have always received both our pension checks and our Social Security checks by direct deposit. They always hit our bank and get credited to our account a day ahead of schedule and there are no worries about mail box thieves. It's decidedly convenient.
For people with no checking accounts, the Social Security Administration has come up with some sort of debit card arrangement whereby the money is electronically deposited to the debit card. That leads to the question of who would not already have a checking account and how do they manage their affairs if they don't. Sure, a lot of people don't write checks anymore, but our bill pay services still work through a checking account. I asked that question as a thread title in the Personal Finance sub-forum of the Business, Finance, and Investing Forum: "How common is it not to have a checking account?" (It is now a dormant thread in the middle of page two of Personal Finance.) The rather amazing response was that it is a lot more common than one would think. I got quite an eye-opening education from the responses there.
Can't even imagine anyone wanting their checks delivered in the mail (so easy to steal and ID theft risk), if they don't have a checking account then they would have to go somewhere and get the check cashed or deposit it into some kind of bank account anyway??? WOW, this is 2011, people!
I mean, I do understand, my parents didn't get a checking account until they retired but that was like 20+ years ago.
I'm glad to see that they are doing away with paper checks, should have happened a long time ago and a substantial taxpayer savings.
Can't even imagine anyone wanting their checks delivered in the mail (so easy to steal and ID theft risk), if they don't have a checking account then they would have to go somewhere and get the check cashed or deposit it into some kind of bank account anyway??? WOW, this is 2011, people!
I mean, I do understand, my parents didn't get a checking account until they retired but that was like 20+ years ago.
I'm glad to see that they are doing away with paper checks, should have happened a long time ago and a substantial taxpayer savings.
I agree 100%. I think the explanation is that some people, if they are old enough, are just so hide-bound and stuck in their ways that they do not feel comfortable with any changes. My mother, now deceased, was like that. When she was about 85 she let Social Security talk her into electronic deposit (she always had a checking account) but she never did like it. Despite the explanations of my sister and I about why it was better (as you stated above), she still never did like it.
So while it's amazing that some people now have to be "forced" into this logical move, I think old-age conservatism is a big part of the reason.
My wife and I have always received both our pension checks and our Social Security checks by direct deposit. They always hit our bank and get credited to our account a day ahead of schedule and there are no worries about mail box thieves. It's decidedly convenient.
Me too! I think it works out very well. I think it's safer than an exposed mailbox that can be broken into when one lives in an apartment building or the mailbox stands outside a house.
I believe some banks will not open a checking account for people with extremely poor credit ratings. Savings, yes, checking,no. I agree,direct deposit is the only way to go.
WASHINGTON, April 26 (UPI) -- Discontinuing paper checks for Social Security payments will save taxpayers $1 billion in the next 10 years, U.S. Treasury officials said Tuesday.
Rosie Rios, the treasurer of the United States, announced the change and signed a ceremonial check for $1 billion made out to taxpayers, the department said in a news release.
So if "all systems fail" (i.e., electricity, computer networks, hacking, etc), senior citizens don't get their payment, which for many is their lifeline. I'd rather have my check on paper in the mail.
If all the system's fail... then who is going to cash the check? All the banks/Stores use computers... (and the Post office uses lots of Computers(Scannerers). Electricity to sort the mail(checks)).
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And for those with no checking accounts...
