U.S. Treasury Recognizes 12 Financial Institutions as Go Directฎ "Champions" for Driving Direct Deposit
Announcement made as Go Direct campaign hits two million direct deposit enrollments
Washington, D.C. (July 14, 2008) The U.S. Department of the Treasury announced today that 12 financial institutions have taken the top spots in a national competition to enroll Social Security check recipients in direct deposit as part of its national Go Direct campaign. The winners will be recognized today at a Treasury ceremony in Washington, D.C.
Today's event coincides with news that the Go Direct campaign has hit a key milestone two million enrollments in direct deposit representing $178 million in savings to taxpayers over the next 10 years. Go Direct, launched nationally in 2005, is a campaign sponsored by the U.S. Department of the Treasury and Federal Reserve Banks to motivate Social Security, Supplemental Security Income (SSI) and other federal benefit recipients to use direct deposit. More than 1,200 Go Direct partner organizations engage in direct deposit education efforts across the country including financial institutions, non-profits, and community-based groups.
"Since Go Direct began, senior citizens, people with disabilities and others have benefited from greater safety and convenience by switching from paper check to direct deposit of their Social Security payments," said Judith Tillman, Commissioner of Treasury's Financial Management Service. This year's 12 Go Direct Champions have played a significant role in the campaign's achievement of two million direct deposit enrollments by driving direct deposit among their customers and members."
A total of 145 financial institutions representing more than 27,000 branches nationwide participated in the Go Direct Financial Institution Champions program, which tracked their percentage increases in Social Security and Supplemental Security Income (SSI) ACH payments over an eight-month period ending May 31, 2008. Participating banks and credit unions were grouped into four tiers according to size, and the top three performers in each of the tiers are being recognized as Champions.The Go Direct Champions are:
Tier One Champions
Tier Two Champions
Tier Three Champions
Tier Four Champions
In addition to these 12 champions, 47 participating financial institutions also performed better than the industry average in their respective tiers. More than 800 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.About Go Direct
The Go Direct campaign supports Treasury's longstanding efforts to shift from paper payments to the safer, easier and more convenient option of direct deposit. Go Direct has established Web sites, www.GoDirect.org (English) and www.DirectoASuCuenta.org (Spanish), where people can learn more about the benefits of direct deposit and sign up online. Additionally, current benefit recipients can also call the Go Direct toll-free helpline, 1 (800) 333-1795.
Partnering financial institutions encourage their customers or members to switch to direct deposit during the first week of every month when most people cash or deposit their Social Security or SSI checks. Branch tellers offer to enroll people on the spot or direct them to call the Go Direct toll-free helpline or sign up online at www.GoDirect.org.