|Seniors welcome Social Security direct deposits|
|Written by Stephanie Groves|
|Friday, February 01, 2013 2:57 PM|
The federal government, which issues 73 million payments a month, is phasing out paper checks for all benefit programs, requiring people to get payments electronically, either through direct deposit or a debit card for those without a bank account.
According to the Treasury Department, electronic delivery of the benefits will save both the government and Social Security an enormous amount of money; the federal government will save $120 million a year and Social Security will save $1 billion over the next decade.
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