Treasury
Report: Direct Deposit Safer than Checks
According to a survey released by the U.S. Treasury Department,
large numbers of consumers mistakenly believe that paper
checks are safer than direct deposit, when in reality, the
opposite is true.
The Treasury said that more than 90% of problems reported
to them concerning federal benefit payments (like Social Security)
are related to paper checks. Many of the problems related to
paper checks, such as theft and loss of a check cannot happen
with direct deposit. Because the direct deposit system creates
records of transactions, payments can be traced, and that means
problems -- although very rare - are quickly fixed. It's also
a fact that you are 30 times more likely to have a problem
with a paper check than with direct deposit.
To learn more about the myths and facts of direct deposit,
go to http://www.godirect.org
Get set up today with direct deposit into your FedStar Credit
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