Currently 11 million people get federal benefits in the mail. Starting this month, however, new applicants for Social Security, Veterans Affairs or other government benefits only have the electronic payment method. In an effort to cut costs, the U.S. Treasury predicts to save more than $1 billion over the next few years, because it costs 92 cents more to mail a paper check. By March 2013, the Treasury hopes to convert everyone to direct deposit or prepaid debit cards.
