Associated Press
WASHINGTON — The Social Security Administration is urging people who receive benefits to sign up for direct deposit if they are concerned about safety or late checks.
The anthrax attacks have not caused any problems with mailed benefit checks, but the agency has received numerous inquiries from people with concerns, said Acting Commissioner Larry Massanari.
"For those who have these concerns, I want to encourage them to use the most convenient and safest way for beneficiaries to receive their payments — direct deposit," he said.
Benefits are automatically deposited into an account and checks are not printed or mailed. Of the more than 50 million Americans who receive benefits, more than 75 percent use direct deposit.
It costs the government 45 cents to process and mail a check, but only 4 cents to use direct deposit. Last year, direct deposit saved Social Security $133 million.
To sign up, call 800-772-1213 or visit a local Social Security office. Banks, credit unions and savings and loan institutions can also help people sign up.
If a person does not have a bank account and cannot open one, the Treasury Department has created special, low-cost accounts that are available to people who receive government benefits. To find out where to open a low-cost Electronic Transfer Account, call 888-382-3311 or look for the ETA logo at a financial institution.
Copyright ©2001 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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