The graph below shows the percentage of Social Security benefit amounts paid by direct deposit to financial institutions. We show not only such percentages for all payments, but we also show percentages applicable to cycle 1 (third-of-month) payments and cycles 2, 3, 4 payments (corresponding to payments made on the 2nd, 3rd, and 4th Wednesdays of each month). Cyclical payments began in June 1997, and the graph below begins with percentages for that month.

Percentage of payments made by direct deposit. See text for graph description

Note: The monthly direct-deposit percentages shown in the above graph can be seen by selecting the "cyclical payment" report for both trust funds combined.