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No More Paper Checks for Social Security

January 29, 2011

In May, the government will no longer pay someone eligible for benefits with a mailed check. Instead, the money will be electronically deposited directly into a bank account or made accessible by a debit card. And by March 2013, the 10 million people who receive checks, out of 70 million people in all, must switch over to direct deposit or use a card.

For the government, the policy is in line with a trend toward paperless banking that will curb theft and save $120 million a year in costs.

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