Some Social Security recipients recently had to find a new way to receive their payments. The Social Security Administration phased out paper checks starting September 30, opting to send payments only electronically, except as a last resort for recipients who have no other option.
Whether you've already been receiving Social Security payments by direct deposit or if you'll be starting to receive them that way soon, it's worth taking time to consider where your payments are being deposited. This decision could earn you valuable interest — or cost you in fees and missed opportunity.
