The U.S. Department of the Treasury and the Federal Reserve Bank recently completed a six-month pilot campaign, Go Direct, and have announced plans to expand the campaign nationally. Go Direct encourages federal benefit recipients, particularly Social Security and Supplemental Security Income (SSI) recipients, to use direct deposit.
Go Direct focuses on partnerships with organizations people know and trust, such as financial institutions and community and faith-based organizations. The Treasury issues nearly 13.3 million benefit checks each month. If these checks were converted to direct deposit, it would save the American taxpayers about $120 million annually. Customers benefit from the safety and convenience of direct deposit, and financial institutions' costs are reduced.
Kathy Paese, vice president of the St. Louis Fed's Treasury Relations and Support Office, says tens of thousands of Social Security and SSI recipients converted to direct deposit during the pilot program. The Treasury is now looking for more banks to help promote the direct-deposit option. For more information on becoming a Go Direct Partner, visit the Go Direct web site, www.GoDirect.org, or call (952) 346-6688.
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