U.S. Treasury and Federal Reserve Bank Kick Off Go Direct Month in Memphis

City Council, Local Banks and Organizations Join Gov. Bredesen to Promote Direct Deposit Among Social Security Beneficiaries

MEMPHIS, March 2, 2005 -- In support of the U.S. Department of the Treasury and the Federal Reserve Bank's campaign to promote direct deposit of Social Security and other federal benefits, the Memphis City Council has joined Gov. Phil Bredesen in proclaiming March Go Direct Month in Tennessee.

During the month, Treasury and the Federal Reserve Bank will co-sponsor events in Shelby County with local banks, community groups, elected officials and faith-based organizations to encourage people who receive their social security benefits by paper check to enroll in direct deposit.

"Direct deposit is safer, easier and more convenient than paper checks," said City Council Vice Chairman Joe Brown. "I encourage all residents of Shelby County who still get a paper check to learn more about direct deposit and switch to it."

The following banks will be promoting Go Direct through their branches:

In Shelby County alone, more than 44,500 residents continue to receive their benefits by paper check. If all those checks were converted to direct deposit, it would save more than $330,000 taxpayer dollars each year. Additionally, those check recipients would be taking advantage of all the benefits of direct deposit, a safer, faster and easier way for them to receive their money.

For more information on the Go Direct campaign or events, call Amy Thompson at (202) 585-2774 or Catrell Brown at (202) 585-2743.

For more on signing up for Go Direct in Memphis, please call the Aging Commission's Information and Assistance Line at (901) 324-3399.

Go Direct has web sites in English and Spanish, www.GoDirect.org, and www.DirectoASuCuenta.org, and toll-free numbers to help people sign up for direct deposit: (800) 333-1795 (English) and (800) 333-1792 (Spanish).