When it comes to Social Security, Veterans and other federal benefits, the check will not be in the mail beginning Sunday.
At least not for new applicants.
Those applying for Social SecurityÂ and other federal benefits will have to arrange to get their benefits electronically beginning Sunday.
Paper checks for new applicants ends Saturday. So anyone applying for benefits will need to have a direct deposit arrangement to get their allotments. When applying, theyâ€™ll need to have their account number and routing transit number handy. Those without an account at a bank or credit union can direct their payments to a prepaid debit card (visit www.GoDirect.org for more info about that).
Those currently receiving benefits can still get their checks by mail for nearly two more years. But they must make the switch by March 1, 2013.
With more than 18 million baby boomersÂ — 10,000 a day — reaching retirement age in the next five years, the change is expected to pack a wallop. With the cost of issuing a paper check costing the government 92 cents more than direct deposit, thatâ€™s expected to save taxpayers $1 billion over the next 10 years.
To make the switch, visit www.GoDirect.org or call the Treasury Departmentâ€™s free helpline at 1-800-333-1795 or talk to a representative at your bank or credit union.
If youâ€™re getting your payments electronically, relax. Youâ€™ve got it covered.