Paper checks are being phased out by the Railroad Retirement Board in favor of electronic bank deposits, which are more secure and hasten availability of the funds. The change over is targeted for completion by 2013.
Electronic direct deposit already is the choice of 90 percent of Railroad Retirement beneficiaries.
For beneficiaries without a bank account, the Railroad Retirement Board will utilize the Treasury Departments Direct Express debit card. The amount of benefits will be loaded onto the card and used like an ordinary credit card.
The Railroad Retirement Board said that while it costs the federal government $1.03 to issue a paper check, it costs only 10.5 cents to issue an electronic payment. The shift to electronic payments is expected to save the government some $125 million annually in processing costs.
Well I quess Iam offically retired now.. Just received my first electronic deposit from the RRB .. Kinda seems like vacation account I usually just took all five weeks at once anyway.. Nice too see that all was not a waste I quess...
Snippy, always looking for a handout or seeking to help spend someone elses' money. I think he learned it from working for his employer, yeah, that's it.
