Chase, the consumer and commercial banking division of JPMorgan Chase (NYSE:JPM), encouraged its customers who receive physical checks to enroll in direct deposit, which is becoming the default payment method, it said on Wednesday.
With the U.S. Treasury set to phase out paper checks for most federal payments by Sept. 30, 2025 — a move that aims to help modernize banking — Chase branches will be actively informing customers about the benefits of direct deposit.
“Direct deposit is not only a more secure option, but it also ensures that our customers receive their payments promptly without the risk of theft or delays sometimes associated with paper checks,” said Steve Goodman, head of Product for Chase Consumer Bank.
Customers can enroll in direct deposit by contacting the federal agency that pays their benefits.