According to a survey by
the Department of the Treasury and Federal Reserve Banks, 25 percent of the
baby boom generation receive their wages, salary, or other regular payments by
paper checks, compared with just 13 percent of respondents age 61 or older. And
40 percent of baby boomers who are unlikely to start using direct deposit in
the next year say they don’t trust or like direct deposit for a variety of
reasons. Based on the survey, the government is urging baby boomers who are
gearing up for retirement to use direct deposit, insisting it is actually safer
and easier for consumers than paper checks. And when it comes to Social
Security retirement benefits, the government says direct deposit has
significant benefits in terms of safety and security for the recipients. To
encourage boomers to sign up for direct deposit, the U.S. Treasury has launched
a new campaign, Go Direct. The website is www.godirect.org/.
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