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Treasury offers webinar on electronic benefit payments
WASHINGTON (2/3/11)—The U.S. Treasury’s Go Direct program on Wednesday announced a pair of February webinars to better educate financial institutions and other Go Direct campaign partners on a recent rule change that will require all federal benefit payments to be paid electronically. The webinars will take place on Feb. 16 and 17. The Treasury last year announced that all federal benefits that are filed on or after March 1, 2011 will be paid electronically via either direct deposit or the Direct Express Debit MasterCard card. Individuals that are currently receiving their benefit payments via paper check will be asked to accept their benefits electronically by March of 2013. The change will save over $125 million annually, according to the Treasury. The Treasury has also again selected February as Go Direct month in a bid to encourage consumers to take advantage of the safety benefits of direct deposit for Social Security payments and other federal benefits. February has been Go Direct month since 2006. The Credit Union National Association (CUNA) is a Go Direct national partner and supports the check-safety and cost-savings goals for the program. For more on the coming Go Direct webinars, use the resource link.
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