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February 19, 2013updated 04 Apr 2017 4:12pm

US benefit payments go digital

The US Treasury Department has announced that all federal benefit and non-tax payments will be paid electronically from March 1 this year.

By Kitty Dann

The US Treasury Department has announced that all federal benefit and non-tax payments will be paid electronically from March 1 this year.

The move from paper to digital signals a change that will see the phasing out of millions of cheques over the next two to two and a half years.

People will choose whether to receive their payments by direct deposit to the bank or credit union account of their choice, or to a Direct Express Debit MasterCard.

Electronic payments are said to save US taxpayers $120m a year as paper costs are cut out.

According to Prescott News, nine out of ten people already receive their payment electronically.

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Federal Reserve to track changing payment methods

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