Why Now Is the Time to Open a Bank or Credit Union Account and Set Up Direct Deposit
Starting September 30, 2025, all federal payments—including tax refunds, Social Security, veterans’ benefits, and more—will be delivered electronically only.
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Why Now Is the Time to Open a Bank or Credit Union Account and Set Up Direct Deposit
Starting September 30, 2025, all federal payments—including tax refunds, Social Security, veterans’ benefits, and more—will be delivered electronically only.
If you don’t already have a checking or savings account, now is the time to open one and set up direct deposit. It’s the fastest, safest, and most reliable way to receive your money—and it’s a key step in building long-term financial stability.
Why Direct Deposit Matters
Paper checks are being phased out because they’re more expensive, more prone to fraud, and more likely to be lost or delayed in the mail. In fact, Treasury checks are 16 times more likely to be reported lost or stolen than electronic payments .
By contrast, direct deposit is:
- Fast: Funds are available immediately on payment day.
- Secure: No risk of theft or mail delays.
- Reliable: No need to visit a check-cashing service or worry about fees.
Plus, having a bank or credit union account gives you access to tools like automatic savings transfers, online bill pay, and credit-building opportunities.
How to Get Started
- Choose a financial institution: Look for a bank or credit union that offers low or no monthly fees, no minimum balance requirements, and strong customer support.
- Open an account: You’ll typically need a government-issued ID and proof of address.
- Set up direct deposit: Provide your account and routing numbers to the agency or employer sending your payments.
- Take the America Saves Pledge: Commit to your savings goal and get free tips and tools to stay on track.
Ready to Take Control of your Money?
Open an account, set up direct deposit, and take the America Saves Pledge today.
If you’re unsure where to start, visit our resource center for trusted guidance, or call 211 to find financial counseling resources in your local area.
Remember, this shift to electronic payments is coming soon. Taking action now ensures you won’t miss a payment—and sets you up for a more secure financial future.
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Those with a savings plan are twice as likely to save successfully. Taking the America Saves Pledge is a pledge to yourself to start a savings journey and America Saves is here to encourage you along the way. Take the first step toward creating a better financial future. Make a plan, set a goal, and pledge to yourself to start saving, today.
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