F.A.Q.
What is Go Direct?Go Direct is a national campaign designed to motivate more Americans to select direct deposit for their Social Security, Supplemental Security Income (SSI) and other federal benefit payments. The U.S. Department of the Treasury and the Federal Reserve Banks are sponsoring the campaign. The campaign reaches out to people through organizations and people they know and trust -- such as financial institutions and community-based groups -- to inform them about the benefits of direct deposit, and help them sign up for it. The campaign also includes media outreach, direct mail and Web sites in English and Spanish (www.GoDirect.org and www.DirectoASuCuenta.org). What is direct deposit?With direct deposit, your money goes straight into your account at the same time each month, thus giving you more control over your money. It eliminates the risk of stolen checks and forgeries and helps protect you from identity theft. Direct deposit also provides immediate access to your money from virtually anywhere. Who is Go Direct for?The campaign's message is focused on Americans who receive Social Security and SSI payments. These two groups receive the largest number of benefit payments by check. Why is direct deposit a good idea?Direct deposit is safer than mailing checks. When there's a problem with a Social Security payment, nine times out of 10 it's with a paper check, not a direct deposit payment. It's easier than checks, because people who get benefits don't need to go to the bank or credit union to deposit a check. Their payment goes straight into their account on payment day each month, giving people more control over their money. Plus, direct deposit allows immediate access to funds from virtually anywhere. It's easy to sign up for direct deposit, and it only takes a few minutes -- call the Go Direct toll-free helpline at (800) 333-1795, or enroll online by clicking here. You also can sign up at a bank, credit union, or local Social Security office. Should taxpayers care about direct deposit?Yes. The Treasury issues more than 150 million benefit checks annually. If all those were converted to direct deposit, it would save taxpayers about $120 million annually. Almost all the money saved remains in the Social Security Trust Fund. Why is this campaign important now?Unless the rate of direct deposit use increases, the costs associated with issuing federal benefit checks will balloon when baby boomers start retiring in 2008. The Treasury recognizes that it is important to take action now. The money saved on postage, printing and other costs as a result of Go Direct will be used to cover the costs of future Social Security payments. How many people who get federal benefits use direct deposit?Today, about 80 percent of federal benefit payments are made by direct deposit. What if a Social Security or SSI recipient doesn't have a checking or savings account?If someone wants to use direct deposit but doesn't have a bank or credit union account, there are other options. People can call the toll-free Go Direct helpline at (800) 333-1795 (English and Spanish) and ask for more information about opening an account. Do other institutions and organizations support Go Direct?Yes, many different types of local and national organizations and institutions -- from banks and credit unions to community-based groups -- support and play an important part in Go Direct. As a Go Direct partner,organizations participate by:
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