Treasury Report: Direct Deposit Safer Than Checks
The U.S. Treasury Department has released a survey showing large numbers of consumers mistakenly believe that paper checks are safer than direct deposit when, in fact, the opposite is true.
The Treasury said paper checks account for more than 90 percent of the reported problems with its federal benefit payments, such as stolen Social Security checks.
To learn more about the misconceptions and the facts about direct deposit, see the Treasury's February 28, 2007, press release at http://www.godirect.org/Media/news_2_28_07.cfm.
The FDIC is part of the "Go Direct" campaign by the Treasury Department and the Federal Reserve Banks to encourage recipients of Social Security and other federal benefits to use direct deposit.
