I was reading an article on Yahoo Finance that explained how 25% of baby boomers didn’t use direct deposit for salary and other regular payment deposits. The article then supposes that if the 150 million benefit checks cut by the Treasury Department were converted to direct deposits, it would save us all a cool $120 million dollars. Each check is costing us all 80 cents a piece in terms of postage, processing, and fighting fraud. Fraud accounts for nearly $50 million a year!
So, do your part and take direct deposits if you can. You’ll also be helping save the earth by reducing the amount of paper used too!
Source: U.S. News and World Report