US department of treasury has been preparing to launch its first direct express deposits to all the beneficiaries.
Though, the deal was announced in the month of April 2010, yet, the treasury department has not disclosed how long it will take to fully transfer the paper check payment method to direct express method.
US treasury department has stated earlier that all the financial benefits, which include any finance, social and federal benefits, would begin in the month of March 2011.
Every beneficiary in United States seeking financial benefits, from March 1st, 2011 onwards would be asked to receive financial payments through direct express deposits.
For those who don’t have a bank account will be asked to receive payments through Direct Express Debit MasterCard Program.
It is expected that most of the federal and social benefits would be transferred to direct deposits by the year 2013.
The initiative was taken to save taxpayers money. The amount of money being spent on paper checks, and the efforts is needlessly raising cost of paying finance benefits to beneficiaries.
The US treasury department had tried earlier to switch paying to beneficiaries through Direct express deposits, but since many do not have a bank account, it became a hurdle for the government to implement direct deposit program.
As the government has now decided to introduce direct express debit MasterCard program, the problem seems to be solved.
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