Banks Prepare for Paperless Future

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Banks Prepare for Paperless Future

Banks Prepare for Paperless Future

HuffPO-

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.

[…]

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.

[HUFFINGTON POST]

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One Response to “Banks Prepare for Paperless Future”

  1. Sarah says:

    Why does the Government insist on privatizing every possible “convenience” or improvement to private interests? States have done this for unemployment insurance, Banks now enjoy fees and profit – why couldn’t the state issue a card and cut out the Banksters? Why doesn’t the Federal Government do the same thing – issue a card?
    Check cashers (who are very much Banksters) simply steal from people, it’s too bad this article didn’t really present that fact. These goons will argue for paperless payday loans.

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