Millions of Americans take advantage of direct deposit. Whether it's their payroll checks, tax refunds, or benefit payments, many are opting out of paper checks and opting in to convenience.
We want you to know that PBGC offers that same convenience.
Undecided about whether you should switch to direct deposit? Our most recent studies show:
- 8 out of 9 payment delays affect people who get paper checks
- More than one in every 200 paper checks is delayed, usually because of postal issues
Paper checks can also be lost or stolen.
Other federal agencies are being required by law to electronically distribute benefit payments starting March 1, 2013. PBGC is exempt from this deadline.
However, direct deposit is still the safest, most secure, and simplest way to get your payment.
Direct deposit is only available if your account is with a U.S. financial institution.
There's one last thing to consider.
Starting in August, the U.S. Postal Service will no longer deliver first-class mail on Saturdays, including bills, catalogs, letters, cards, and other general correspondence... and possibly your pension check!
For more information, visit the Apply for Direct Deposit page on our website or call PBGC's Customer Contact Center at 1-800-400-7242.