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Last update: 10/21/14

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ICBA Partners with U.S. Treasury to Promote Direct Deposit
Direct Deposit Selection Called ‘Safest, Fastest’ Way to Receive Federal Payment

Washington, D.C. (Sept. 27, 2005) -- The Independent Community Bankers of America (ICBA) joined the U.S. Treasury and the Federal Reserve Bank in their nationwide Go Direct campaign to encourage Americans to use Direct Deposit for their Social Security, Supplemental Security Income (SSI) and other federal benefit payments.

“Direct deposit is the safest and fastest way to receive your Social Security or federal benefit payments,” said David E. Hayes, chairman of ICBA and president and CEO of Security Bank in Dyersburg, Tenn. “ICBA is proud to partner with the Treasury in reaching out to community bankers and their customers through the Go Direct initiative.”  Hayes noted that people who use Direct Deposit have more control over their money because they can be confident the payment will appear in their bank account at the same time every month.  “Your money is already in your account seconds after the payment is activated.”

Direct Deposit is simple. The U.S. Treasury electronically transfers a beneficiary's payment into his or her checking or savings account. There's no check involved, and the payment is there when the individual's community bank opens on payment day.   In addition, direct deposit helps protect people from fraud and identity theft. Recipients of a federal payment such as Social Security can enroll for Direct Deposit with their community bank.

ICBA participated in the national Go Direct campaign kick off event on Sept. 27 in Washington, D.C. Additional events are planned for cities around the country, including Chicago, Cleveland, Dallas, Los Angeles and Philadelphia.

For more information on Go Direct, visit www.GoDirect.org (English) and www.DirectoASuCuenta.org (Spanish), as well as toll-free numbers to help people sign up for direct deposit: (800) 333-1795 (English) and (800) 333-1792 (Spanish).

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