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But sticky or not, cards are coming for people who often make use of check cashing stores like RiteCheck. Starting in March 2013, the government will stop issuing paper checks, including ones for Social Security, disability or other benefits. Recipients will receive payments through direct deposit into a bank account or a prepaid card, including the government’s own GoDirect card, issued by Comerica Bank. By 2033, the paper check may be extinct altogether, according to a paper published by the Federal Reserve of Philadelphia.
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To hear bankers, entrepreneurs, and even policymakers tell it, cash is unsafe and expensive. The move to electronic payments will bring millions of people onto the financial grid, provide greater financial security, and improve economic mobility and opportunity for those who are unbanked, or typically those who are too poor to qualify for a checking account. It will also provide a massive cost savings to the government.