WASHINGTON D.C.-- The U.S. Treasury has decided to stop mailing Social Security paper checks this year, and the deadline to sign up for electronic payments is closing in.

Five million checks continue to be mailed to recipients each month.

The Treasury Department created the electronic payment law in December 2010, to gradually phase out paper checks.

March 1, 2013, is the final deadline to apply to receive your money electronically.

The treasury says converting the remaining paper check recipients to electronic payments will save American taxpayers $1 billion over the next 10 years.

U.S. Treasury Electronic Payment Solution Center's toll-free helpline: 1-800-333-1795