WASHINGTON, D.C. — The U.S. Department of the Treasury’s Financial Management Service recently announced the 12 financial institutions that have taken top spots in a national program to convert Social Security check recipients to direct deposit as part of its nationwide Go Direct campaign.
Appalachian Community Bank was one of those winners, receiving first place in the Tier Three division. Only one other bank in Georgia received the recognition.
The Go Direct campaign, sponsored by the U.S. Department of the Treasury and the Federal Reserve Banks, motivates Social Security and other federal benefit recipients to use direct deposit.
Launched nationally in 2005, the campaign has achieved more than 3 million enrollments in direct deposit — representing more than $300 million in savings to taxpayers over the next 10 years.
“Whether you are receiving a Social Security payment or caring for someone who is, direct deposit is a win-win,” says David A. Lebryk, commissioner of treasury’s financial management service. “Direct deposit gives you the peace of mind that comes with knowing your money is safe, and it also saves millions of taxpayer dollars every year.”
This year’s Go Direct Champions program participants — a total of 120 banks and credit unions representing more than 24,000 branches nationwide — were evaluated based on their percentage increase in Social Security and Supplemental Security Income ACH payments over an eight month period ending May 31, 2009.
Participating banks and credit unions were grouped into four tiers according to size, with the top three performers in each tier becoming Go Direct Champions.