ALEXANDRIA, Va. - So that members can continue to receive theirbenefit checks in case a hurricane halts or delays mail delivery,NCUA is encouraging credit unions to actively promote the benefitsof direct deposit.
|The regulator is one of several agencies promoting theDepartment of Treasury's GoDirect campaign. In the aftermath ofhurricanes Katrina and Rita, Treasury and the Social SecurityAdministration worked tirelessly to distribute benefit checks torecipients who were displaced by the hurricanes, but those who wereusing direct deposit received prompt access to their payments, NCUAsaid.
|"We have witnessed firsthand the value of direct deposit inareas devastated by last year's hurricanes," said NCUA ChairmanJoAnn Johnson. "I encourage credit unions to incorporate directdeposit as part of their disaster recovery plans in view of ourexperience from last year."
|Across the United States, approximately 12 million citizenscontinue to receive federal benefit payments by paper check,according to Treasury. Several credit unions have already signed onwith the agency's GoDirect campaign.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
