If you still receive your federal benefit payments by check, you may already know that checks are susceptible to mail delays due to severe weather and other natural disasters. But did you know that checks are vulnerable to financial crimes? In fiscal year 2008, nearly 70,000 Treasury-issued checks – totaling an estimated $64 million – were stolen or fraudulently endorsed.
While you can’t control the weather or the actions of others, you can improve your financial safety. And with identity theft on the rise, taking steps to help protect your money is more important than ever.
Leominster Credit Union is joining the U.S. Department of the Treasury’s campaign to encourage those who receive federal benefit checks to sign up for direct deposit.
By switching to direct deposit, you are choosing a tried-and-true way to receive your money. Direct deposit eliminates the risk of lost or stolen checks and helps guard against identity theft. Plus, money in your LCU account is insured by NCUA and MSIC, so you can rest assured your money is secure.
Direct deposit is not only safer than paper checks, it’s also more convenient. With direct deposit, you have immediate access to your money from virtually everywhere, so there’s no need to wait for the mail or run an errand to cash or deposit a check.
Signing up for direct deposit is free, quick and easy. If you receive Social Security, Supplemental Security Income (SSI), or VA Compensation and Pension payments by check, you can call the Go Direct helpline at (800) 333-1795, go online to www.GoDirect.org or visit any LCU branch.
Direct deposit is simply the best way to receive your federal benefits. By signing up for direct deposit, you can immediately take charge of your financial safety and help safeguard your federal benefit payments. Don’t wait, sign up today!