Treasury Rolls out Online Tool for Social Security Direct Deposit

WASHINGTON – The U.S. Department of the Treasury and the Federal Reserve Banks, as part of their Go Direct campaign, have launched a new online enrollment system for credit unions and banks that process direct deposit for federal benefit payments, including Social Security and Supplemental Security Income. The online sign-up option allows financial institutions to set up a one-time profile that can be used time and again by employees in multiple branches to sign up federal benefit recipients for direct deposit. Each time they enter an enrollment, the financial institution’s profile will provide basic information. The online option recently became available for institutions and already dozens of financial institutions are using it, according to the Treasury. “We recognize that many people turn to their bank or credit union first to get help with important financial matters including switching to direct deposit for their federal benefit payments,” said Kathy Paese, vice president of the Federal Reserve Bank in St. Louis. Go Direct is a national campaign to motivate Social Security, Supplemental Security Income and other federal benefit recipients to use direct deposit. Treasury is trying to move away from paper payments. Ohio Catholic Federal Credit Union is one of several financial institutions that have signed on to Go Direct. The $119 million CU has already signed on more than a dozen direct deposit enrollments, said Susan Cobb, a member service representative at the CU. “We didn’t have a good way to enroll people before; this makes it easy and signing up our members for direct deposit is one more way for us to show them we care,” Cobb said. Financial institutions can sign on by going to www.GoDirect.org. -