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What is
Go Direct?Go Direct
Department of the Treasury and the Federal Reserve Bank are sponsoring the campaign, which kicked off in fall 2005. The campaign reaches out to people through organizations and people they know and trust –such as financial institutions and community-based groups – to inform them about the benefits of directdeposit, and help them sign up for it. The campaign also uses media outreach, direct mail, advertising andthe Web sites in English and Spanish (www.GoDirect.org and www.DirectoASuCuenta.org).
is a national campaign to motivate more Americans to select direct deposit for their federal benefit payments, such as Social Security and Supplemental Security Income (SSI). The U.S.Why is the government promoting direct deposit?
Direct deposit is safer than mailing checks. No direct deposit payment has ever been lost or stolen. It’s easier than checks, because people who get benefits don’t need to go to the bank or credit union to deposit a check. Their payment goes straight to their account on payment day each month, giving people more control over their money. It’s simple to sign up for direct deposit – it just takes a few minutes to enroll by phone or in person.
Why should taxpayers care about direct deposit?
Direct deposit represents a significant savings over paper checks – 75 cents per federal benefit payment. The Treasury issues approximately 160 million benefit checks annually. If all those were converted to direct deposit, it would save taxpayers about $120 million annually.
What will happen when baby boomers start retiring?
Unless the rate of direct deposit use increases, the costs associated with issuing federal benefit checks will balloon when baby boomers start retiring in 2008. These costs include printing and mailing fees, as well as money spent on claims and problem resolution. The Treasury recognizes that it is important to take action now to increase the growth trend of direct deposit.
Who is
Go Direct aiming to reach?The campaign’s message is aimed at all federal beneficiaries, but the greatest focus is on Americans who receive Social Security and Supplemental Security Income (SSI) payments. These two groups receive the largest number of benefit payments by check.
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