February 21, 2008 Dollars & Sense
February
The Treasury Department is recommending that taxpayers and Social Security recipients have their refunds and payments deposited to their accounts electronically. Electronic deposits are faster, safer and less expensive than paper checks. They also spend no time in the mail where checks can be delayed or stolen.
“The vast majority of SLFCU members have their tax refunds, Social Security and pension payments deposited electronically,” says Russ Grube, Senior Teller Supervisor. “When they use electronic deposits, they can access their accounts instantly either online or with their Check/ATM cards. But some people weren’t told of these advantages when they retired.”
You can specify on your tax form that you want the IRS to send your tax refund to your account electronically. Simply provide the routing number (307083911), your account number and suffix. It’s easy to set up automatic electronic deposits for your Social Security checks as well. Call your Social Security office and provide them with the routing and account numbers from the bottom of one of your checks. If you are uncertain as to the correct number, call the phone center at 505-293-0500 or 800-947-5328 and a representative will assist you.
Direct Express Cards to replace paper checks
For members who do not notify the Social Security Adminsistration to send their payments electronically to their accounts, the treasury may begin issuing Direct Express cards by the end of summer. Payments will be deposited monthly to the Direct Express card on the payment day. Card holders will be able to access funds at ATMs make purchases and pay bills online. But recipients will pay a monthly fee for the card. Using a Direct Express card may also trigger transaction fees at stores and financial institutions.
A better solution: to have your Social Security check directly deposited to your SLFCU account and use a no-fee Check/ATM card to access your funds.
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