FAQ

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• What is Go Direct?
• Why is the government promoting direct deposit?
• Why should taxpayers care about direct deposit?
• What will happen when baby boomers start retiring?
• Who is Go Direct aiming to reach?
  What are the key messages about direct deposit that Go Direct conveys to Social Security and SSI check recipients?
• How does direct deposit work?
• How many federal beneficiaries currently are using direct deposit?
• Where can I get more information?
• How can I sign-up to have my check directly deposited into my GECU account?

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What is Go Direct?
Go Direct is a national campaign designed to motivate more Americans to select direct deposit for their federal benefit payments, such as Social Security and Supplemental Security Income (SSI). The U.S. Department of the Treasury and the Federal Reserve Bank are sponsoring the campaign, which kicked off in fall 2005. The integrated marketing campaign reaches out to people through organizations and people they know and trust – such as financial institutions and community-based groups – to inform them about the benefits of direct deposit, and help them sign up for it. The campaign also uses media outreach, direct mail, advertising and the Web sites in English and Spanish (www.GoDirect.org and www.DirectoASuCuenta.org).
 

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Why is the government promoting direct deposit?
Direct deposit is safer than mailing checks. You are 30 times more likely to have a problem with your federal benefit check than with your direct deposit payment. It’s easier than checks, because people who get benefits don’t need to go to the bank or credit union to deposit a check. Their payment goes straight to their account on payment day each month, giving people more control over their money. Plus, direct deposit allows immediate access to funds from virtually anyplace, any time. It’s simple to sign up for direct deposit – it just takes a few minutes to enroll by phone or in person at a Go Direct event, bank or credit union, or a local Social Security office.
 

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Why should taxpayers care about direct deposit?
Direct deposit represents a significant savings over paper checks – 75 cents per federal benefit payment. The Treasury issues more than 150 million benefit checks annually. If all those were converted to direct deposit, it would save taxpayers about $120 million annually. Almost all money saved remains in the Social Security Trust Fund.
 

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What will happen when baby boomers start retiring?
Unless the rate of direct deposit use increases, the costs associated with issuing federal benefit checks will balloon when baby boomers start retiring in 2008. These costs include printing and mailing fees, as well as money spent on claims and problem resolution. The Treasury recognizes that it is important to take action now to increase the growth trend of direct deposit. The money saved on postage, printing and other costs as a result of the Go Direct initiative will be used to cover the costs of future Social Security payments.
 

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Who is Go Direct aiming to reach?
The campaign’s message is focused on Americans who receive Social Security and Supplemental Security Income (SSI) payments. These two groups receive the largest number of federal benefit payments by check.
 

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What are the key messages about direct deposit that Go Direct conveys to Social Security and SSI check recipients?

• It’s safer. Direct deposit protects people from fraud and identity theft. In fact, you are 30 times more likely to have a problem with your federal benefit check than with your direct deposit payment.
• It’s easier. Payments go straight into your account, so you don’t have to go to the bank or credit union to deposit a check.
• It gives you more control. Direct deposit is completely predictable – you know you’ll have your money at the same time each month. Also, you can access your money from virtually anywhere – so you have it when you need it most.

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How does direct deposit work?
With direct deposit your money goes straight into your account at the same time each month, thus giving you more control over your money. It eliminates the risk of stolen checks and forgeries and helps protect people from identity theft. Direct deposit also provides immediate access to your money from virtually anywhere.
 

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How many federal beneficiaries currently are using direct deposit?
Today, around 80 percent of federal benefit payments are made by direct deposit. But the growth rate is slipping. In fact, recent analysis by the Treasury shows that only 75 percent of new Social Security recipients, the largest group to receive federal benefit payments, currently are signing up for direct deposit. This is down sharply from a high of 90 percent in the late 1990s.
 

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Where can I get more information?
You can get more information by visiting the Go Direct website or by calling their toll-free number at: 800.333.1795.

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How can I sign-up to have my check directly deposited into my GECU account?
There are three easy ways to have your government check directly deposited into your GECU account.

You can sign-up by:

• Visiting the Go Direct website

• Calling Go Direct's toll-free number: 800.333.1795

• Visiting your local credit union office and completing the form to have one of our representatives enroll you for direct deposit

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