Less than 1% of beneficiaries still receive paper checks, which cost 50 cents each compared to 15 cents for electronic transfers.

The change will primarily affect a small group of beneficiaries who have not made the switch to electronic payment methods yet, per the SSA. Less than 1% of beneficiaries are enrolled in paper checks and are encouraged to enroll in direct deposit or opt for the Direct Express card to receive their monthly benefits on time.