Why wait to direct deposit?

Go Direct campaign encourages Social Security check recipients to make the switch during National Procrastination Week, March 6-12

Washington, D.C. -- (March 6, 2006) -- Whether it's last-minute tax filing or waiting until the 11th hour to buy gifts, many Americans know the meaning of procrastination -- including those who receive Social Security and other federal benefit payments by check.

Thirty-one percent of those who receive federal benefits by check say they are inclined to switch to direct deposit, and 17 percent say they never got around to it, according to research conducted for the U.S. Department of the Treasury.

Why should they switch? Because direct deposit offers many clear advantages, according to the Treasury. For people who get Social Security, Supplemental Security Income (SSI) and other federal benefits payments, direct deposit eliminates the risk of stolen checks and forgeries, and helps protect them from identity theft. In fact, people are 30 times more likely to have a problem with a paper check than with direct deposit.

Moreover, according to a recent national poll, 94 percent of those who use direct deposit say they have had a positive experience with it -- and 37 percent say direct deposit helps them better manage their personal finances.

These are all reasons why the Treasury and the Federal Reserve Banks, sponsors of the Go Direct campaign, recommend that people who receive federal benefit checks switch to direct deposit.

For many years, direct deposit has been a priority for the Treasury and the Federal Reserve Banks. Go Direct champions a long-standing effort to shift from paper payments to direct deposit. The integrated campaign relies on trusted sources -- such as financial institutions and community-based organizations -- to reach seniors, disabled people and other federal benefit recipients where they live, work and socialize.

National Procrastination Week is March 6-12, and serves as a timely reminder to make financial security a priority. Don't wait. Start today by protecting your money and your identity -- with direct deposit. To sign up, call the Go Direct helpline at (800) 333-1795 (English and Spanish), visit www.GoDirect.org to sign up online, or visit your local bank or credit union branch.