According to a survey, current seniors have no problem using Direct Deposit but baby-boomers — the next generation of retirees — do not trust the technology. Of the 59% of baby-boomers who use the service, 21% say they prefer banks, 19% say they don’t trust Direct Deposit, and 18% say they like receiving a paper check.
Producing and sending paper checks cost companies and organizations more than using Direct Deposit, and as administrative expenses rise as baby-boomers retire, customers (for example, social security recipients) will see those costs passed onto them.
Bankrate offers a primer on setting up Direct Deposit with an employer.
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