Albany, NY (News10) — Starting today, the Social Security Administration will no longer issue paper checks for benefit payments.
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Those eligible for social security will receive their benefits electronically. Payments will be directly deposited into their bank accounts — but they need to take a few steps first. According to BST & Co. Senior Tax Manager Jeremy Cole, ID.me is where “they would register for their social security, an online account, and they can input their bank account information to facilitate those electronic payments. Alternatively, instead of direct deposits, there are stored value cards or electronic wallets where you can have the payments transferred.”
Individuals can learn more by visiting the social security website. Cole says this move to electronic payments is meant to limit theft.
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“The IRS estimates that a paper check is about 16 times more likely to be lost or stolen in transit. And whether that’s sending payments to the IRS or receiving payments from the IRS, they’re trying to discourage that,” he said. “It also costs about $0.50 per paper check that the IRS issues, compared to about $0.15 per electronic payment issued.”
Cole suggested connecting with a financial advisor with any questions, for assistance with registration, or other concerns with respect to complying with the electronic payments…