This is the final step by the Financial Management Service, a Bureau of the U.S. Department of the Treasury, to convert all federal benefit payments to electronic payment. Currently 83% of all federal benefits are paid by direct deposit. In January 2008 the U.S. Treasury reported that 4 million recipients of Social Security and Supplemental Security Income did not have bank accounts. The U.S. Treasury has electronic payment options for those with and without bank accounts. Continue reading →