Twelve financial institutions have taken top honors in the U.S. Department of Treasury's GoDirect campaign, a competition in which FIs encourage customers to enroll for direct deposit for their Social Security payments.
A total of 145 FIs nationwide participated in the GoDirect Financial Champions program. Each tracked their percentage increases in Social Security and Supplemental Security Income (SSI) ACH payments over an eight-month period ending May 31. Participating banks and credit unions were grouped into four tiers according to size, and the top three performers in each of the tiers are being recognized as Champions. They will be honored in a ceremony in Washington, D.C.
Related to this, Treasury reports that over 2 million people have enrolled in direct deposit for their Social Security benefits. GoDirect was launched in 2005 and is sponsored by the Treasury Department and Federal Reserve Banks to motivate Social Security, SSI and other federal benefit recipients to use direct deposit. More than 1,200 GoDirect partner organizations participate in direct deposit education efforts nationwide, including financial institutions, non-profits, and community-based groups.
The Go Direct Champions include: Tier One First Place " Chase, New York Second Place " Washington Mutual, Seattle Third Place " Citibank, New York Tier Two First Place " Woodforest, The Woodlands, Texas Second Place " Guaranty Bank, Milwaukee, Wis. Third Place " First National Bank Texas, Killeen, Texas Tier Three First Place " R-G Premier Bank, Puerto Rico Second Place " Scotiabank de Puerto Rico, Puerto Rico Third Place " American Chartered Bank, Schaumburg, Ill. Tier Four First Place " Cooperativa de Ahorro y Credito Roosevelt Roads, Puerto Rico Second Place " Interstate Credit Union, Jesup, Ga. Third Place " Century Heritage Federal Credit Union, Pittsburgh, Pa.