Social Security benefits to be received electronically for new applicants

by Staff | April 26th, 2011

April 26, 2011

It has been all over the news, but starting May 1, those applying for Social Security benefits will only be able to receive their benefits via an electronic payment method.

Social Security benefits will be deposited electronically, which is supposed to save the Social Security Administration $1 billion over the next 10 years, according to

Those who currently receive their Social Security benefits by check must switch to direct deposit by March 1, 2013, according to the article.

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