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As announced in December, the U.S. Department of the Treasury issued a final rule to extend the safety and convenience of electronic payments to all Americans receiving federal benefit and non-tax payments. Anyone applying for benefits on or after May 1, 2011, will receive payments electronically, while those already receiving paper checks will need to switch to direct deposit by March 1, 2013.
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Fed in Print: An index of the economic research conducted by the Fed.