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Home » Media » 9 15 09 Champions
U.S. Treasury Department Names 12 Financial Institutions
Go Direct® Champions More than 50 additional FIs also recognized for driving federal benefit direct deposit conversions
Washington, D.C. – (September 15, 2009) – The U.S. Department of the Treasury’s Financial Management Service announced today the 12 financial institutions that have taken top spots in a national program to convert Social Security check recipients to direct deposit as part of its nationwide Go Direct® campaign. The winners will be recognized at a ceremony this afternoon hosted by Treasury.
The Go Direct campaign, sponsored by the U.S. Department of the Treasury and the Federal Reserve Banks, motivates Social Security and other federal benefit recipients to use direct deposit. Launched nationally in 2005, the campaign has achieved more than three million enrollments in direct deposit – representing more than $300 million in savings to taxpayers over the next 10 years. “Whether you are receiving a Social Security payment or caring for someone who is, direct deposit is a win-win,” says David A. Lebryk, Commissioner of Treasury’s Financial Management Service. “Direct deposit gives you the peace of mind that comes with knowing your money is safe, and it also saves millions of taxpayer dollars every year.” This year’s Go Direct Champions program participants – a total of 120 banks and credit unions representing more than 24,000 branches nationwide – were evaluated based on their percentage increase in Social Security and Supplemental Security Income (SSI) ACH payments over an eight month period ending May 31, 2009. Participating banks and credit unions were grouped into four tiers according to size, with the top three performers in each tier becoming Go Direct Champions. Tier One Champions
First Place – Chase, New York, N.Y.
Second Place – BB&T, Winston-Salem, N.C.
Third Place – Bank of America, Charlotte, N.C.
Tier Two Champions
First Place – Woodforest, The Woodlands, Texas
Second Place – First National Bank Texas/First Convenience Bank, Killeen, Texas
Third Place – Bank of the West, San Francisco, Calif.
Tier Three Champions
First Place – Appalachian Community Bank, Ellijay, Ga.
Second Place – Bank of Smithtown, Smithtown, N.Y.
Third Place – BestBank, Dearborn, Mich.
Tier Four Champions
First Place – Interstate Credit Union, Jesup, Ga.
Second Place – Riverfront Federal Credit Union, Reading, Pa.
Third Place – Merck Sharp & Dohme Federal Credit Union, Chalfont, Pa.
In addition to these 12 Go Direct Champions, 51 participating financial institutions also performed better than the industry average in their respective tiers. Overall, nearly 1,000 financial institutions join more than 400 national and local non-profit and community-based organizations throughout the country to inform federal benefit recipients about the safety and benefits of direct deposit as Go Direct campaign partners. About Go Direct The Go Direct campaign supports Treasury's longstanding efforts to shift from paper payments to the safer, easier and more convenient option of direct deposit. The Go Direct campaign has established Web sites, www.GoDirect.org (English) and www.DirectoASuCuenta.org (Spanish), where people can learn more about the benefits of direct deposit and sign up online. Additionally, current benefit recipients can also call the Go Direct campaign toll-free helpline, 1-800-333-1795. Partnering financial institutions encourage their customers or members to switch to direct deposit during the first week of every month – when most people cash or deposit their Social Security or SSI checks. Branch tellers offer to enroll people on the spot or encourage them to call the Go Direct toll-free helpline or sign up online at www.GoDirect.org. ### Go Direct® is a national campaign sponsored by the U.S. Department of the Treasury and the Federal Reserve Banks to motivate people who get Social Security and other federal benefits by check to switch to direct deposit.
The Go Direct® logo, Direct Express® logo, and Direct Express® are service marks of the U.S. Department of the Treasury, Financial Management Service (used with permission).
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