The Go Direct campaign supports the agency's longstanding efforts to shift from paper payments to direct deposit.
At a ceremony held yesterday, $29 million Interstate Unlimited FCU and $510 million Utilities Employees CU were named "Champions" in the small tier category. In addition to the nine winners, 58 other participating financial institutions also performed better than the industry average in their respective tiers, according to Treasury.
A total of 133 financial institutions representing more than 25,000 branches nationwide participated in the Go Direct Champions program, which tracked their increases in Social Security and Supplemental Security Income ACH payments over a six-month period ending June 30. Participating banks and credit unions were grouped in three tiers according to size--small, medium and large--and the top three performers in each of the tiers are being recognized as Champions.
More than 700 financial institutions are involved in the overall Go Direct campaign to inform federal benefit recipients about the advantages of direct deposit and to help them sign up for it.