Social Security and government payments go all-electronic

Today the Treasury Department will announce that all payments from the U.S. government will be made electronically to consumers. So people receiving Social Security, Supplemental Security Income, Veterans, Railroad Retirement and U.S. government benefit recipients will receive benefits either through direct deposit into a bank account or through Treasury's Direct Express debit card.

"Today's announcement is a win-win for the American public because it makes government more convenient and cost-effective while generating significant savings for the country," says OMB Director Peter Orszag about the program that is estimated to save the government $303 million in the first five years – including $48 million annually on postage. "This is precisely the type of smart, streamlined improvement that this Administration is committed to making across government to boost efficiency and modernize how we do business."