The U.S. Department of the Treasury is retiring the paper Social Security check for millions of baby boomers and others applying for federal benefits, a move that will save taxpayers $1 billion over the next 10 years.
Beginning May 1, anyone newly applying for Social Security, Veterans Affairs or other federal benefits now must choose an electronic payment method – paper checks will no longer be an option.
People currently receiving their federal benefits by paper check must switch to direct deposit by March 1, 2013.
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