SAN DIEGO, CA (Feb. 11, 2013) --San Diego County Credit Union® (SDCCU®), San Diego’s largest locally-owned financial institution, is preparing to welcome fresh customers following the federal government’s new requirement of direct deposit for those Americans who previously received Social Security, Veteran Affairs or other federal benefits by paper check.
The Treasury Department has been phasing out paper check payments and requiring recipients of Social Security checks and federal benefits to get their money electronically. The switch to electronic payments must be made by March 1, 2013. Benefit recipients can choose to get their payments by direct deposit to a bank or credit union account or to a debit MasterCard® card account.
“We look forward to welcoming a new influx of direct deposit savers,” said Teresa Halleck, San Diego County Credit Union president & CEO. “Receiving your Social Security or other supplemental income payments by direct deposit is safe and reliable. Recipients will not have to worry about a check being lost or stolen, and the money is available immediately on your payment date. There will no longer be a need to wait for the mail to arrive."
The government said that phasing out paper Social Security checks is expected to save U.S. taxpayers about $120 million annually, or more than $1 billion over 10 years. Government officials also point out that eliminating paper Social Security checks will provide positive benefits to the environment, saving approximately 12 million pounds of paper in the first five years alone.
The first monthly Social Security check was received by Ida Mae Fuller on Jan. 31, 1940, according to the Treasury Department. Since then about 165 million people have received Social Security benefits.
New direct deposit accounts can be opened at www.sdccu.com, by phoning (877) 732-2848, or by visiting any one of the 29 SDCCU branches located throughout San Diego, Orange or Riverside counties.
San Diego County Credit Union is San Diego’s largest locally-owned financial institution serving San Diego, Riverside and Orange counties. SDCCU has assets of $5.8 billion, more than 242,000 customers, 29 convenient branch locations and 30,000 surcharge-FREE ATMs. From FREE Checking with eStatements and SDCCU Mobile Deposit, to home and auto loans, Visa credit cards, money market accounts and business banking services, including commercial real estate loans; SDCCU provides breakthrough banking products that meet the demands of today’s lifestyle and delivers banking services that save customers money. Federally insured by NCUA and is an equal housing lender. For more information, visit www.sdccu.com.