NEWS
The Countdown in ON. The Paper is OFF. March 1, 2013 marks Treasury’ s switch to all-electronic federal benefit payments.
Valuable Resources & Planning Tools
March 1, 2013. A critical date for the payments industry.
The U. S. Department of the Treasury is phasing out paper checks and requiring federal benefit recipients to get their money electronically by March 1, 2013. Your customers / members have two choices. They can choose to get their federal payment by Direct Deposit via ACH to a bank or credit union account or they can opt for a Direct Express ® Debit MasterCard ® card account.
How can you help your customers / members prepare now for this March 1, 2013 deadline? By visiting GoDirect. org. This website has all the tools and resources you need to help your customers / members make the switch safely, quickly, and easily.
Make sure ALL your customers / members who receive social security and other federal benefit payments are aware of the March 1, 2013 deadline.
Need more information? Call the GoDirect Helpline at 800-333-1795, Monday through Friday, 8 a. m. – 8 p. m. eastern time. Follow Treasury on Twitter at http:// twitter. com /#!/ USGoDirect
Free resources and planning tools for you, your staff, customers and members can be found at www. godirect. org
GoDirect FAQs: http:// www. godirect. org / about-faq /
GoDirect Free Promotional Countdown Information for Financial Institutions: http:// www. godirect. org / partners / financial-institutions /
GoDirect state-by-state analysis of monthly social security and supplemental social security income payments: http:// www. godirect. org / media / payment-statistics /
Direct Deposit via ACH: www. electronicpayments. org
ACH Volume Increases 2.4 Percent in 3rd Quarter 2012
TAutomated Clearing House Network grew by 2.4 percent in the 3rd Quarter 2012 compared to a year ago, according to NACHA statistics. Approximately 4.11 billion transactions moving approximately $ 9.1 trillion were conducted during the quarter. These figures represent changes of 2.4 percent and 7.9 percent, respectively, compared to the same quarter of 2011. There were 2.42 billion debits and 1.69 billion credits, for a total of 4.11 billion. The statistics include commercial inter-bank and government transactions, but not“ on-us” transactions.
3rd Quarter 2012 ACH Network Transactions( does not include on-us volumes) 3rd Q 2012 2nd Q 2012 % change 3rd Q 2011 % change
ARC |
455,264,125 |
467,558,353 |
-2.63% |
495,236,948 |
-8.07% |
BOC |
46,508,589 |
48,630,940 |
-4.36% |
51,062,120 |
-8.92% |
CCD Debits |
183,072,135 |
183,992,499 |
-0.50% |
175,257,078 |
4.46 % |
CCD Credits |
389,703,907 |
390,176,833 |
-0.12% |
380,459,753 |
2.43 % |
CIE |
41,422,632 |
41,433,173 |
-0.03% |
39,494,678 |
4.88 % |
CTX |
21,986,262 |
21,567,562 |
1.94 % |
19,421,873 |
13.20 % |
IAT |
10,777,312 |
10,830,572 |
-0.49% |
9,532,664 |
13.06 % |
POP |
111,033,375 |
117,349,000 |
-5.38% |
120,804,656 |
-8.09% |
PPD Debits |
765,479,795 |
767,281,866 |
-0.23% |
745,118,834 |
2.73 % |
PPD Credits |
1,232,807,977 |
1,270,656,562 |
-2.98% |
1,188,609,331 |
3.72 % |
RCK |
1,435,167 |
1,413,038 |
1.57 % |
1,861,331 |
-22.90% |
TEL |
86,277,269 |
84,005,473 |
2.70 % |
91,665,867 |
-5.88% |
WEB |
732,488,552 |
718,403,310 |
1.96 % |
672,218,033 |
8.97 % |
Other |
32,132,290 |
29,776,146 |
7.91 % |
24,044,989 |
33.63 % |
Total Network |
4,110,389,387 |
4,153,075,327 |
-1.03% |
4,014,788,155 |
2.38 % |
© 2012 NACHA- The Electronic Payments Association |
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