At a congressional hearing Thursday, bankers denied they will exploit the government mandate for electronic payments by gouging the poor and elderly with high fees.

The move to electronic delivery "will not result in windfall profits for banks," Mark McKenzie, executive director of Citibank Electronic Benefit Transfer Services, told members of the House Banking Committee.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.