Planning to save $1 billion over the next decade by eliminating the costs of printing, handling and sending paper checks, the U.S. Department of the Treasury will require all new Social Security applicants to set up direct deposit. Those who have always received Social Security checks will be able to continue doing so until March 2013, when the organization will eliminate paper checks entirely.

The Detroit news reports the policy shift will save 12 million pounds of paper. The department cranks out $58.7 billion per month to the 54.5 million Social Security beneficiaries nationwide.

Do you think there are any drawbacks to a paperless Social Security system?

At Social Security, a paperless wave [Detroit news]

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