Big changes are coming to Social Security payments

They’re slated to take effect at the end of September.

Transcript

00:00If you're a Social Security recipient, you might want to listen up.

00:03The Trump administration announced it will soon stop sending out paper checks to beneficiaries.

00:08The move is aimed at trying to fully modernize federal benefits payments.

00:11According to the Treasury Department, moving from paper checks to electronic payments will

00:15help on a few levels.

00:16First off, the department says paper checks are more prone to fraud.

00:20Secondly, it'll save money.

00:21Each paper check sent out costs the government 50 cents, while sending benefits electronically

00:26costs just 15 cents.

00:28There are currently a little over 500,000 beneficiaries receiving paper checks.

00:31That's less than 1% of all recipients.

00:34But the shift from paper checks isn't limited to Social Security.

00:37Starting September 30th, all government payments, including tax refunds and vendor payments, will

00:41ship to electronic payments.

00:43That'll do it for your Daily Briefing.

00:44From New York City, I'm Kelsey Barbario with The Street.