Senior Citizens View On New Electronic Payment Law
By: Rachel Polansky
Updated: February 6, 2013
We live in an electronic world, and a new law says everyone has to get
used to that, whether they like it or not. There are 5 million Americans
that receive social security or other federal beneficiary checks in the
mail. But that's about to change with new Electronic Payment Law that
will take affect March 1.
No more paper checks; people must switch to either direct deposit or a debit card. Although most people have already made the switch, senior citizens seem to be the group that most are concerned about. Eyewitness News speaks with some seniors in our area to see where they stand
"I had a paycheck stolen from my mailbox and it took 6 months for me to re-coop that and there was a great deal of financial burden," says Robert Mickler, Utica senior citizen.
After a bad experience, Mickler made the switch to direct deposit a few years ago. He says he thinks this will benefit those in his age group. And some area seniors agree.
"I think it's going to be a more secure way for people, for the elderly to receive their money," says Barbara Mickler, Utica senior citizen.
"Cuts down on people stealing them out of the mailbox or your post office box," says Pamela Evans, Utica senior citizen.
"It's convenient, I don't have to worry about the money getting there and I've never had a problem with it," says Utica senior citizen.
In addition to safety, a financial analyst says its also beneficial to your budget.
"It's certainly a matter of efficiency and cost savings. It costs them 90 cents and $1 dollar to mail checks. When you multiply that, it's a substantial amount of money," says Robert Watkins, financial analyst.
In fact, converting the remaining paper checks will save American taxpayers $1 billion dollars over the next 10 years.
"its more consistent, the money arrives faster, and its also safer," says Watkins.
While officials say electronic payment is safer and easier, some seniors say the government is taking away their choice.
"i don't like it. Us old people need options," Helen Tomasiewicz, Utica senior citizen.
Tomashevitz says electronic may be the way of the future but she's set in her ways and she likes paper checks.
"Makes me feel independent when I have that check and money in the house with me so it's no help to me," says Tomashevitz.
Whether you like it or not, the Electronic Payment Law will go into effect March 1st. For more information visit www.godirect.org or contact the U.S. Treasury Electronic Payment Solution Center at (800) 333-1795.
No more paper checks; people must switch to either direct deposit or a debit card. Although most people have already made the switch, senior citizens seem to be the group that most are concerned about. Eyewitness News speaks with some seniors in our area to see where they stand
"I had a paycheck stolen from my mailbox and it took 6 months for me to re-coop that and there was a great deal of financial burden," says Robert Mickler, Utica senior citizen.
After a bad experience, Mickler made the switch to direct deposit a few years ago. He says he thinks this will benefit those in his age group. And some area seniors agree.
"I think it's going to be a more secure way for people, for the elderly to receive their money," says Barbara Mickler, Utica senior citizen.
"Cuts down on people stealing them out of the mailbox or your post office box," says Pamela Evans, Utica senior citizen.
"It's convenient, I don't have to worry about the money getting there and I've never had a problem with it," says Utica senior citizen.
In addition to safety, a financial analyst says its also beneficial to your budget.
"It's certainly a matter of efficiency and cost savings. It costs them 90 cents and $1 dollar to mail checks. When you multiply that, it's a substantial amount of money," says Robert Watkins, financial analyst.
In fact, converting the remaining paper checks will save American taxpayers $1 billion dollars over the next 10 years.
"its more consistent, the money arrives faster, and its also safer," says Watkins.
While officials say electronic payment is safer and easier, some seniors say the government is taking away their choice.
"i don't like it. Us old people need options," Helen Tomasiewicz, Utica senior citizen.
Tomashevitz says electronic may be the way of the future but she's set in her ways and she likes paper checks.
"Makes me feel independent when I have that check and money in the house with me so it's no help to me," says Tomashevitz.
Whether you like it or not, the Electronic Payment Law will go into effect March 1st. For more information visit www.godirect.org or contact the U.S. Treasury Electronic Payment Solution Center at (800) 333-1795.
