Latest news with #directdeposit
Forbes
5 days ago
- Business
- Forbes
Social Security Administration Tells Beneficiaries To Make The Switch Now From Paper Checks
PHILADELPHIA - FEBRUARY 11: Blank Social Security checks are run through a printer at the U.S. Treasury printing facility February 11, 2005 in Philadelphia, Pennsylvania. (Photo by William) Getty Images The federal government must stop issuing paper checks by September 30 in favor of direct deposit, prepaid cards, or other digital payment options—that's according to an Executive Order signed by President Donald Trump in March of this year. Now, the Social Security Administration has provided additional guidance for Social Security beneficiaries. According to the agency, the transition primarily affects a small group of beneficiaries who have not yet switched over to electronic payments. The Social Security Administration said in its most recent communication that less than one percent of beneficiaries currently receive paper checks. Last year, 512,690 Americans—about 0.8% of the more than 68 million total recipients—drew Social Security benefits checks. Approximately 67,826,776 Americans receive benefits by Direct Deposit. (The number of paper checks issued by the IRS is less robust. The most recent filing data from the tax agency indicates that most tax refunds for individual federal income tax returns are issued by direct deposit. To date in 2025, 86,937,000 of the 93,569,000 taxpayer refunds were issued by direct deposit—just under 93%.) According to the order, using paper checks and money orders results in costs, delays, risks of fraud, lost payments, theft, and inefficiencies. It highlights that, historically, Department of the Treasury checks are 16 times more likely to be reported lost or stolen, returned undeliverable, or altered compared to an electronic funds transfer (EFT). (Earlier this year, the federal government alleged that four postal workers in Philadelphia stole thousands of envelopes containing U.S. Treasury checks from mail sorting machines to sell on the internet. A few months before that, a former U.S. Postal Service employee was found guilty of stealing nearly 100 checks, including tax refund checks, totaling over $1.6 million.) Waste is also a concern: The order says that maintaining the physical infrastructure and specialized technology for digitizing paper records costs the American taxpayer over $657 million in Fiscal Year 2024 alone. When it comes to Social Security benefits, the agency says that Electronic Funds Transfers (EFTs) are processed more quickly than paper checks, helping beneficiaries receive their payments on time without delays. It's also cheaper: According to the U.S. Department of the Treasury, issuing a paper check costs about 50 cents, whereas an EFT costs less than 15 cents. How Can Beneficiaries Switch Over? The Social Security Administration is currently sending notices to people who still receive paper checks to explain the upcoming change and highlight the benefits of switching to electronic payments. All benefit checks will also include an insert detailing the steps beneficiaries can take to switch to electronic payments, with Social Security Administration staff ready to assist. Payment Options Beneficiaries who currently receive paper checks can opt to receive their Social Security payments electronically via Direct Deposit or a Direct Express Card. With Direct Deposit, payments can be deposited directly into a checking or savings account. Beneficiaries can enroll with their banks or financial institutions. If you already receive Social Security or SSI benefits and you have a bank account, you can also sign up for direct deposit by starting or changing direct deposit online or calling Social Security (1.800.772.1213 or TTY 1.800.325.0778), or visiting your local Social Security Field Office. The Direct Express Card is a prepaid debit card designed specifically for federal benefit payments—this is an option for those who do not have a bank account (the unbanked). To get Direct Express, call the U.S. Treasury Electronic Payment Solution Center at 1.877.874.6347 to enroll! You will need your Social Security number, information from your most recent federal benefit check or claim number, and your date of birth. Unbanked Individuals Who qualifies as unbanked? According to the Federal Deposit Insurance Corporation (FDIC), a household is considered unbanked if no one in the household has a checking or savings account at a bank or credit union. In 2023, 4.2% of U.S. households—about 5.6 million households— were unbanked. Unbanked rates are higher for certain populations, including those who are likely to receive benefits, such as lower-income households. Rates are also higher for minority populations, including Black, Hispanic, and American Indian or Alaska Native households, and working-age households with a disability. For working-age households with a disability, the unbanked rate in 2023 was 11.2%—that's three times higher than the unbanked rate among working-age households without a disability. For single-parent households, the unbanked rate was 12.3%—more than five times higher than the unbanked rate among married-couple households with one or more children. And while mobile banking is on the rise, meeting with a real person—bank tellers—remains the most prevalent primary method of account access for households aged 65 or older. Seniors and disabled persons likely make up the lion's share of the nearly half a million Americans still receiving paper Social Security checks. Before the order, the Social Security Administration had already been trying to move beneficiaries to electronic services, noting that they would receive their payments much faster. Exceptions Apply Some exceptions apply, including for individuals who do not have access to banking services or electronic payment systems, as well as certain emergency payments where electronic disbursement would cause undue hardship. For more information or to request a waiver, call Treasury at 855.290.1545. You may also print and complete a waiver form, then return it to the address indicated on the form. Payments Need To Be Electronic, Too The order doesn't just apply to disbursements. It also applies to receipts—meaning payments that Americans make to the federal government, such as tax payments. Agencies, including the Treasury, Health and Human Services, the Department of Education, and Veterans Affairs, have been directed to 'expedite requirements' to receive the payment of federal receipts, including fees, fines, loans, and taxes. The IRS Is Switching Over, Too The IRS has also been encouraging taxpayers to use direct deposit. The agency claims it is the quickest and most efficient way to receive your tax refund. If you don't have a bank account but possess a prepaid debit card, you might be able to have your refund deposited onto that card. Additionally, some payment apps like CashApp allow for the direct deposit of refund checks. Be sure to check with your platform or financial institution to determine if this option is available, and also to determine the routing number and account number, which may be different from the card number. Despite the push, one group of taxpayers may be out of luck: American taxpayers living abroad. If you live outside the country, your federal income tax refund can only be deposited directly into a U.S. bank account or an affiliated account. SSA has similar—though a bit more generous—rules for beneficiaries living abroad. You can only direct deposit Social Security payments into a U.S. financial institution or a financial institution in a country with an international direct deposit agreement (a list of these countries can be found here). Forbes Former Postal Worker Stole More Than $1.6 Million In Checks, Including Tax Refunds By Kelly Phillips Erb Forbes Four Charged In Scheme To Steal Tens Of Millions Of Dollars In Treasury Checks From The Post Office By Kelly Phillips Erb Forbes Social Security Benefits Will Increase 2.5% In 2025 By Kelly Phillips Erb
Yahoo
10-07-2025
- Business
- Yahoo
Pay Government with ACH Direct Deposit Software, Securely
With unlimited accounts and deposits included, the secure, scalable, and simple ezACH direct deposit software is what financially savvy Accountants are choosing. REDMOND, Wash., July 10, 2025 /PRNewswire/ -- Accountants can save time and money as well as reduce errors by switching to ezACH direct deposit software to pay vendors, pay government taxes or collecting payments from clients. All of this is included in a single installation with zero recurring or hidden fees from How to pay the government using ezACH here "We're incredibly excited to launch ezACH, a game-changer for accountants looking to streamline client payment processes! For a one-time fee of just $199, you get unlimited accounts and deposits, eliminating those pesky recurring costs and saving you both time and money. It's secure, efficient, and integrates seamlessly with other Halfpricesoft products – it's a total win-win!" said Founder, Dr. Ge Accountants often manage financial transactions on behalf of individuals, businesses, or organizations, which includes writing checks for a wide range of purposes. This can involve issuing payroll checks to employees, paying vendors and service providers for goods or services rendered, covering operational expenses such as rent and utilities, submitting tax payments to government agencies, reimbursing employees for business-related expenses, and handling refunds or charitable contributions . Key Advantages of ezACH for Deposits 1 . Flat-Rate Pricing Pay only $199 per installation—no monthly subscription, no per payment fees. Process unlimited direct deposits, including government payments (Check with your bank to find out if they charge per transaction.) 2 . High Security & Reliability Eliminate risks tied to paper checks—like loss, theft, or damage. Built to NACHA standards and compatible with all banks . 3 . Multi-Account & Multi-Entity Support Manage payments across multiple bank accounts and entities (employees, vendors, contractors, and government) — ideal for businesses with diverse obligations 4 . Time-Saving Automation Import payment data from other Halfpricesoft .com products (like ezPaycheck or ezCheckPrinting) or CSV files, generate your ACH file, and go—no manual entry . FAQs to better understand how to navigate ezACH software • How do I know if ezACH is the right fit for my business needs ? Clients seeking a cost-effective solution can use ezPaycheck and ezACH to easily pay employees and collect funds—ezACH creates an ACH file ready for bank upload. Learn more about ACH Deposit and ezACH deposit software works • Can I import my data? Yes, with ezACH software , customers can easily add a client manually or import data from .csv file. • What is the cost to purchase and use ezACH? For $199.00 with no recurring or hidden fees, clients can upload unlimited deposits for unlimited companies. To use ezACH software, your bank account must support the ACH payment feature. Please ask your bank if they have any fees associated with direct deposits. Clients can test deposits for up to $4.99 with the trial version. Even better , all data added in to the trial versions will remain in the paid version. No adding data twice! All potential clients are invited to download and test ezACH for up to 30 days at no cost or obligation. The only restriction is that the total amount to be deposited cannot exceed $4.99 for the testing. Don't wait! Start your free trial today For over two decades, has been a trusted partner to thousands of U.S. businesses, delivering powerful and affordable software solutions designed to simplify everyday operations. From online and desktop payroll tools to employee attendance tracking, accounting, check printing, W2, 1099, 1095 filing, and ezACH direct deposit software— offers everything small business owners need to stay compliant, save time, and run more efficiently. Whether you're managing payroll in-house or streamlining tax reporting, our easy-to-use software is built to help you take control and grow with confidence. View original content to download multimedia: SOURCE Sign in to access your portfolio
Yahoo
09-07-2025
- Business
- Yahoo
PNC Launches New Digital Direct Deposit: A Move to Boost Fee Income?
PNC Financial Services Group PNC is making efforts to increase its direct deposit market share by automating the payroll deposit switch process for consumers. This will likely help the company to bolster its fee-based income. The bank unveiled a new feature, PNC Direct Deposit, designed to enable customers to automatically set up direct deposits for payroll, Social Security payments, or other regular income through the PNC Mobile app. PNC Direct Deposit is an integrated experience that provides clients with a seamless and streamlined option to update or change their direct deposit preferences with just a few clicks, eliminating the need to fill out forms or make phone calls. It combines the roles of the employer, payroll provider, and bank into a single digital interface. The solution has been developed in partnership with the account-switching fintech Atomic. The new digital solution eliminates the need for users to manually enter routing and account numbers, thereby minimizing the risk of user errors and payment delays. Alex Overstrom, head of Retail Banking, stated that, "This integrated direct deposit solution is just another example of how PNC is continuously enhancing and improving the client experience." Overstrom further added, "By embedding direct deposit functions directly within the mobile app, our clients can seamlessly update and manage their direct deposit preferences without the hassle of filling out paperwork and finding routing and account numbers." By allowing customers to easily set up and manage their deposits using the mobile app, PNC Direct Deposit serves as a strategic tool to deepen customer relationships and positions itself to capitalize on increased engagement with fee-generating products and services. As more customers centralize their finances with PNC, the bank stands to gain from increased adoption of services that carry associated fees, ultimately supporting its broader goal of expanding its non-interest income base. Over the past year, PNC shares have gained 20.4% year to date compared with the industry's growth of 34.1%. Image Source: Zacks Investment Research The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. In June 2025, U.S. Bancorp USB entered a partnership with Fiservto integrate its Elan Financial Services credit card program into Fiserv's Credit Choice solution. The collaboration aims to enhance digital card issuance capabilities, providing financial institutions with a seamless, integrated experience. The integration of Elan's credit card program into Fiserv's Credit Choice solution strengthens USB's digital-first strategy. This integration will enable consumers and small businesses to access both debit and credit card account details within a unified digital platform. Likewise, in May 2025, Deutsche Bank DB collaborated with International Business Machines IBM and finaXai, a Singapore-based AI company. DB reinforced its strategic partnership with IBM through a new license agreement, providing the former with greater access to International Business Machines' advanced software solutions. Further, the collaboration with finaXai is expected to expand Project DAMA 2 significantly — Deutsche Bank's public-permissioned multi-chain asset servicing pilot. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The PNC Financial Services Group, Inc (PNC) : Free Stock Analysis Report International Business Machines Corporation (IBM) : Free Stock Analysis Report Deutsche Bank Aktiengesellschaft (DB) : Free Stock Analysis Report U.S. Bancorp (USB) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Globe and Mail
09-07-2025
- Business
- Globe and Mail
PNC Launches New Digital Direct Deposit: A Move to Boost Fee Income?
PNC Financial Services Group PNC is making efforts to increase its direct deposit market share by automating the payroll deposit switch process for consumers. This will likely help the company to bolster its fee-based income. The bank unveiled a new feature, PNC Direct Deposit, designed to enable customers to automatically set up direct deposits for payroll, Social Security payments, or other regular income through the PNC Mobile app. PNC Direct Deposit is an integrated experience that provides clients with a seamless and streamlined option to update or change their direct deposit preferences with just a few clicks, eliminating the need to fill out forms or make phone calls. It combines the roles of the employer, payroll provider, and bank into a single digital interface. The solution has been developed in partnership with the account-switching fintech Atomic. The new digital solution eliminates the need for users to manually enter routing and account numbers, thereby minimizing the risk of user errors and payment delays. PNC's Management Remarks on PNC Direct Deposit Alex Overstrom, head of Retail Banking, stated that, "This integrated direct deposit solution is just another example of how PNC is continuously enhancing and improving the client experience." Overstrom further added, "By embedding direct deposit functions directly within the mobile app, our clients can seamlessly update and manage their direct deposit preferences without the hassle of filling out paperwork and finding routing and account numbers." How Does PNC's Direct Deposit Boost Fee Income? By allowing customers to easily set up and manage their deposits using the mobile app, PNC Direct Deposit serves as a strategic tool to deepen customer relationships and positions itself to capitalize on increased engagement with fee-generating products and services. As more customers centralize their finances with PNC, the bank stands to gain from increased adoption of services that carry associated fees, ultimately supporting its broader goal of expanding its non-interest income base. PNC's Zacks Rank & Price Performance Over the past year, PNC shares have gained 20.4% year to date compared with the industry 's growth of 34.1%. The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Similar Steps by Other Finance Firms In June 2025, U.S. Bancorp USB entered a partnership with Fiservto integrate its Elan Financial Services credit card program into Fiserv's Credit Choice solution. The collaboration aims to enhance digital card issuance capabilities, providing financial institutions with a seamless, integrated experience. The integration of Elan's credit card program into Fiserv's Credit Choice solution strengthens USB's digital-first strategy. This integration will enable consumers and small businesses to access both debit and credit card account details within a unified digital platform. Likewise, in May 2025, Deutsche Bank DB collaborated with International Business Machines IBM and finaXai, a Singapore-based AI company. DB reinforced its strategic partnership with IBM through a new license agreement, providing the former with greater access to International Business Machines' advanced software solutions. Further, the collaboration with finaXai is expected to expand Project DAMA 2 significantly — Deutsche Bank's public-permissioned multi-chain asset servicing pilot. 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in the coming year. While not all picks can be winners, previous recommendations have soared +112%, +171%, +209% and +232%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Yahoo
04-07-2025
- Business
- Yahoo
3 Banking Tips That Can Save You Thousands Over the Rest of Your Life
Banks keep your hard-earned money safe, secure and accessible — and they even pay modest yields on your deposits. Most people won't get rich off their savings accounts, but everyday bank customers can save thousands over the course of their lives by working the system to their advantage and getting the most out of their bank's tools, features and services. Read Next: Find Out: Here are three key banking tips that will save you thousands over the rest of your life. In the long run, automatic bill pay has the potential to save you more money than nearly any other banking feature because bills on autopilot are bills that never go unpaid. According to Chase, a single missed payment can tank your score by more than 100 points and haunt your credit report for up to seven years — and payment history accounts for 35% of your credit score, the largest percentage of any factor. When you need to borrow, a hit like that could limit you to only the most expensive loans with difficult terms — if you're even approved at all. That could cost you thousands on an auto loan and tens or even hundreds of thousands on a mortgage while potentially precluding you from rental leases and employment opportunities. Nacha, formerly the National Automated Clearinghouse Association, operates the Automated Clearing House (ACH) Network, which is responsible for electronically transferring much of America's financial data and funds. It suggests taking advantage of direct deposit splits, a valuable tool used by fewer than one in four of the 88% of employees who get paid through electronic transfers. By sending portions of each paycheck to different accounts directly from their company's payroll department, workers can divert a set percentage or dollar amount straight to savings every pay period. Nacha reports that employees who split their direct deposits save $90 more per month than those who do not. That's $1,080 extra every year. Writing for Ramsey Solutions, personal finance coach and author Jade Warshaw stated that the average person finds $395 during the first month of budgeting and cuts their long-term spending by 9%. Naturally, she recommends Ramsey's EveryDollar budgeting platform, but your bank's free app might be the most powerful arrow in your financial quiver. Nearly all major banks and many smaller ones offer valuable budgeting tools that could help you save thousands of extra dollars over the years, including: Spending trackers Expense categorization Cash flow trackers Real-time updates and alerts Goal setting and progress tracking Visualized insights Spending limit setting controls More From GOBankingRates The New Retirement Problem Boomers Are Facing This article originally appeared on 3 Banking Tips That Can Save You Thousands Over the Rest of Your Life
