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Beginning May 1, paper checks will not be an option for new Social Security beneficiaries. (AP Photo/Bradley C Bower)

Beginning May 1, any new beneficiaries who sign up to receive Social Security, Veterans Affairs, or other federal benefits will need to choose an electronic payment option, as paper checks will no longer be issued.

The move, which was published as a final rule in December 2010, will save taxpayers $1 billion over the next 10 years. It’s part of an increased effort by the U.S. Treasury to make all Social Security payments and statements electronic.

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