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Main Bank
4878 N. Broadway Avenue Chicago, IL 60640
(T) 773-769-6868
(F) 773-769-6288

Chinatown Branch
2144 A S. Archer Avenue
Chicago, IL 60616
(T) 312-842-6800
(F) 312-842-6288

 


American Metro Bank Partner

American Metro Bank Partners with GO Direct™ to Promote Direct Deposit of Social Security Programs

American Metro Bank (AMB) is partnering with Go Direct™, a national campaign sponsored by the U.S. Department of the Treasury and the Federal Reserve Bank, to encourage people who get Social Security payments by check to switch to direct deposit.

Enrolling people in direct deposit has been a longstanding effort by the Treasury for many years. Go Direct™ is a great campaign for AMB to be involved in - because direct deposit is simply the best way to receive Social Security and Supplemental Security Income (SSI) payments. Direct deposit eliminates the risk of lost or stolen checks, reduces fraud and gives people more control over their money. Plus, direct deposit provides people with immediate access to their money from virtually everywhere.

Direct deposit also saves taxpayers millions of dollars. If every current federal benefit check recipient switched to direct deposit, it would save taxpayers about $120 million a year. Almost all money saved remains in the Social Security Trust Fund - a benefit to all Americans for years to come.

Despite efforts to spur the use of electronic payments, growth in direct deposit use has slowed in recent years to less than 1 percent per year. Only 75 percent of newly eligible Social Security recipients, are signing up for direct deposit.

Go Direct™ reaches out to check recipients through organizations and people they know and trust - people and organizations like us - to inform them about the benefits of direct deposit and to help them sign up for it. Go Direct™ also uses media outreach, direct mail, advertising and Web sites in English and Spanish.

We can play a key role in encouraging people who get federal benefits to switch to direct deposit. The Go Direct™ campaign makes it easy by providing support tools, including a quick step-by-step guide to train staff and volunteers on how to approach people about direct deposit as well as campaign materials and program ideas. All these tools can be found on the special Partner section of the Go Direct™ Web Site.

Our support of Go Direct™ is key to the campaign's success. AMB is pleased to support this important initiative to help ensure people's finances are safe and secure - and accessible.

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