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On September 15, 2009, the U.S. Department of the Treasury, Financial Management Service recognized 12 financial institutions that have taken top spots in the national program to convert Social Security check recipients to direct deposit as part of its nationwide Go Direct® campaign.
 
The Go Direct® campaign, sponsored by the U.S. Department of the Treasury and the Federal Reserve Banks, motivates Social Security and other federal benefit recipients to use direct deposit. Launched nationally in 2005, the campaign has achieved more than three million enrollments in direct deposit – representing more than $300 million in savings to taxpayers over the next 10 years.

“Whether you are receiving a Social Security payment or caring for someone who is, direct deposit is a win-win,” says David A. Lebryk, Commissioner of Treasury’s Financial Management Service. “Direct deposit gives you the peace of mind that comes with knowing your money is safe, and it also saves millions of taxpayer dollars every year.”

This year’s Go Direct® Champions program participants – a total of 120 banks and credit unions representing more than 24,000 branches nationwide – were evaluated based on their percentage increase in Social Security and Supplemental Security Income (SSI) Direct Deposit payments over an eight month period ending May 31, 2009. Participating banks and credit unions were grouped into four tiers according to size, with the top three performers in each tier becoming Go Direct® Champions.

Tier One Champions
First Place – Chase, New York, N.Y.
Second Place – BB&T, Winston-Salem, N.C.
Third Place – Bank of America, Charlotte, N.C.

Tier Two Champions
First Place – Woodforest,  The Woodlands, TX
Second Place – First National Bank Texas/First Convenience Bank, Killeen, TX
Third Place – State Employees’ Credit Union, Raleigh, NC

Tier Three Champions
First Place – Appalachian Community Bank, Ellijay, GA.
Second Place – Bank of Smithtown, Smithtown, N.Y.
Third Place – BestBank, Dearborn, MI.

Tier Four Champions
First Place – Interstate Credit Union, Jesup, GA.
Second Place – Riverfront Federal Credit Union, Reading, PA.
Third Place – Merck Sharp & Dohme Federal Credit Union, Chalfont, PA.

In addition to these 12 Go Direct® Champions, 51 participating financial institutions also performed better than the industry average in their respective tiers. Overall, nearly 1,000 financial institutions joined more than 400 national and local non-profit and community-based organizations throughout the country to inform federal benefit recipients about the safety and benefits of direct deposit as Go Direct® campaign partners.

For more information about the Go Direct® campaign, visit www.godirect.org or contact Adam Martin at 202-874-6558.

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