All articles tagged with #electronic payments
Over seven million Americans receiving Social Security benefits, including SSI recipients, are receiving their payments early on October 31 due to the holiday schedule, with most benefits now paid electronically via direct deposit or debit card, and upcoming payments scheduled for November based on benefit type and date of birth.
The Social Security Administration will make benefit payments on October 22 for recipients born between the 21st and 31st, with other payments scheduled throughout the month for different groups, and most payments are now made electronically.
The U.S. Treasury Department will stop issuing paper checks for federal payments, including Social Security, by September 30, shifting to electronic payments to improve efficiency and reduce fraud, though concerns remain about the impact on vulnerable populations who rely on paper checks.
Starting September 30, 2025, all Social Security recipients who still receive paper checks must switch to electronic payments, such as direct deposit or Treasury's debit card, to reduce costs and prevent fraud, with instructions available from the SSA.
The insurance industry and its middlemen have quietly implemented a practice of charging doctors fees for electronic payments, costing them millions of dollars annually. Despite protests from doctors and hospitals, insurers continue to require kickbacks of up to 5% for electronic payments, even when doctors request to be paid by check. These fees, which can amount to billions of dollars each year, have tightened the financial vise on healthcare providers, leading to small practices folding and potentially passing costs onto patients. The shift from paper to electronic processing, intended to increase efficiency, has instead created a lucrative niche for insurers and middlemen, who benefit from the fees.