Are you currently receiving a paper Social Security check? If so, get ready for a change, because the program’s payments will be fully paperless by September 30 of this year.
According to the Social Security Administration, fewer than one percent of beneficiaries still receive paper checks in the mail. Officials say the move to a paperless model will have many benefits. Not only will payment processing be faster, but each electronic transaction will cost about a third of what it costs to print and send a check, saving millions over the years.
Last but not least, experts say that the move to electronic payments will decrease instances of lost checks and fraud. The SSA is sending out notices to paper check recipients on how to update their payment method to either direct deposit or Direct Express® Card. You can update your payment method via your my Social Security account.
