National Crime Prevention Month
Treasurer Urges Delawareans To Go Direct! To Safeguard Money, Identities
October is National Crime Prevention Month and Delaware State Treasurer urges Delaware seniors who receive Social Security and federal benefit recipients to safeguard their money and identities by switching to direct deposit.
"The facts are clear -- traditional paper checks can be lost, stolen or forged," Mr. Markell said. "Using direct deposit eliminates the risk of forged checks, helps to safeguard against identity theft, and allows immediate access to funds from virtually anywhere."
The Delaware Go-Direct! campaign, which is sponsored by the U.S. Department of the Treasury, Federal Reserve Banks and the Delaware Office of the State Treasurer is an outreach program designed to encourage senior citizens, people with disabilities and others who receive Social Security and other federal benefits to make the switch to direct deposit.
According to the United States Treasury, about 57,000 Treasury-issued checks issued in 2006 were forged, totaling more than $54 million federal dollars in estimated value. The U.S. Treasury also reports that when there's a problem with a Social Security payment, nine times out of 10 it's an issue with a paper check, not direct deposit.
In addition to increased safety, direct deposit saves taxpayers money. The U.S. Treasury reports that more than 288,000 Delawareans receive benefit check payments. If those checks were converted to direct deposit, taxpayers could save nearly $230,000 annually. Nationally, more than 150 million checks are mailed to recipients each year, and if those checks were converted to direct deposit, it could save taxpayers approximately $120 million every year.
"It's easy to protect yourself and gain some peace of mind by switching to direct deposit to receive your federal benefits," Mr. Markell said. "By using direct deposit, your money goes directly into your account on payment day, and allows you more control over your money."
To learn more about how Go Direct! can protect your finances, please visit the State Treasurer's website at www.Treasurer.Delaware.gov or call: 302/672-6700.
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