Treasury will write no more Social Security checks (on paper)
The U.S. Department of the Treasury is retiring the paper Social Security check for millions of baby boomers and others applying for federal benefits, a move that purportedly will save taxpayers $1 billion over the next 10 years.
As of the first of this month, anyone newly applying for Social Security, Veterans Affairs or other federal benefits needs to choose an electronic payment method; paper checks will no longer be an option. People currently receiving their federal benefits by paper check must switch to direct deposit by March 1, 2013.
Treasurer of the United States Rosie Rios announced the move by ceremonially writing a check to American taxpayers in the amount of $1 billion. “...