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 Union share or share draft account and get a FREE box of checks!