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News Now

Washington
Treas. digital push could save millions in funds trees
WASHINGTON (4/20/10)--In a bid to reduce costs, enhance customer service and minimize environmental impact, the U.S. Treasury on Monday announced “a broad new initiative to dramatically increase the number of electronic transactions that involve Treasury and millions of citizens and businesses.” The change, which, according to the treasury, will “increase reliability, safety and security for benefit recipients and taxpayers,” should save over $400 million in funding and 12 million pounds of paper “in the first five years alone,” according to Treasury projections. The Treasury will require individuals that are currently receiving social security, supplemental security income, veterans, railroad retirement and office of personnel management benefits to receive those payments electronically as of March 1, 2013. New enrollees in these programs will receive their benefits electronically beginning on March 1, 2011. The Treasury will require all businesses to make their federal tax deposits electronically and will also “eliminate the option to purchase paper savings bonds through payroll deductions” for members of the private sector beginning in 2011. Federal employees will be required to purchase those savings bonds electronically as of Sept. 30. The Treasury and the administration are strengthening their own direct deposit protections ahead of the electronic deposit turnover. Treasury Secretary Tim Geithner said that the Treasury “must lead the way in developing methods to deliver payments that are safe and secure in a manner that is efficient and reliable," adding that the millions in savings and lessened environmental impact due to the changes make them “a win-win for all Americans."


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