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Broad New Treasury Initiative to Increase Electronic Transactions, Save More Than $400 Million, 12 Million Pounds of Paper in First Five 5 Years

News release: “With Americans poised to celebrate the 40th anniversary of Earth Day this week, the U.S. Department of the Treasury today announced a broad new initiative to dramatically increase the number of electronic transactions that involve Treasury and millions of citizens and businesses, a move that is expected to save more than $400 million and 12 million pounds of paper in the first five years alone. In addition to greatly reducing costs, enhancing customer service and minimizing Treasury’s environmental impact, the move from paper to electronic transactions will increase reliability, safety and security for benefit recipients and taxpayers…Treasury will require individuals receiving Social Security, Supplemental Security Income, Veterans, Railroad Retirement and Office of Personnel Management benefits to receive payments electronically. Individuals will be able to receive benefits either through direct deposit into a bank account or Treasury’s Direct Express debit card.”

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