The US Treasury will phase out paper checks by 2013, saving over $100 million a year. Nearly 90% of government benefit payments like Social Security are already issued electronically. The US issues 73 million payments every month.
Many elderly persons who receive benefits are expected to have difficulty adjusting to the change, but Treasury is working to educate the population. Exceptions will be made for those 90-years-old and over, who won’t be required to switch. In 2010 more than half a million checks were lost or stolen.
