Contact: Rafael Morales, Communications Officer
212-809-1850 ext. 206
Federation to Participate in National Go Direct Month
Initiative aims to motivate more Americans to switch to direct deposit
(February 3, 2006 – New York, NY) – This February, the National Federation of Community Development Credit Unions (the Federation) will join hundreds of community groups and financial institutions around the country in supporting National Go Direct Month, sponsored by the U.S. Department of the Treasury and the Federal Reserve Banks. The aim is to get more people who receive Social Security and other federal benefits to switch to direct deposit – the safest, easiest way to get their money. To help people learn more about direct deposit and to help them sign up for it, the Federation has partnered with the U.S. Department of the Treasury’s Go Direct campaign.
Throughout February, the Federation and its credit unions will inform people who receive federal benefits about the many advantages of direct deposit. National Go Direct Month is the highlight of the Go Direct campaign, which works with partnering organizations to spread the word about direct deposit to senior citizens, people with disabilities, and others who receive federal benefits.
"The Federation is pleased to join numerous other organizations around the country in partnering with Go Direct and encouraging people to switch to direct deposit during Go Direct Month and beyond," explained Cliff Rosenthal, Executive Director of the Federation. "We are confident these efforts will help make the lives of our credit unions’ members safer and easier."
For people who receive Social Security, Supplemental Security Income (SSI) and other benefits, direct deposit is simply the best way to get their payments. Direct deposit eliminates the risk of lost or stolen checks, reduces fraud and gives people more control by providing immediate access to their money from virtually everywhere. It also saves taxpayer dollars – if the more than 150 million checks mailed out each year were converted to direct deposit, it would save taxpayers approximately $120 million.
Go Direct has established Web sites, www.GoDirect.org (English) and www.DirectoASuCuenta.org (Spanish), where people can sign up online for direct deposit of federal benefits. The campaign also has toll-free numbers to help people sign up for direct deposit right over the telephone: (800) 333-1795 (English) or (800) 333-1792 (Spanish).
Frequently Asked Questions about this program can be found by clicking here.