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These pages are primarily intended for financial institution
representatives that already have, or may be interested in
establishing, an ETA program. If you are a consumer or other
individual who may
not be interested in this information, click
here and you will be returned to the main ETA page.
Financial
institutions play a major role in increasing the use of Direct
Deposit, the ETA and other banking
services, including checking, savings or other basic accounts.
An
ETA is a low-cost account that is made available by participating
federally insured financial institutions to individuals who
receive Federal benefit,
wage, salary, or retirement payments. The account allows recipients
to receive Federal payments
electronically in accordance with the Electronic Funds Transfer
(EFT) provision of the Debt Collection Improvement Act of
1996 (DCIA). Financial institutions that choose to offer the
ETA will enter into an ETA
Financial Agency Agreement with the Department of the Treasury
(Treasury). The agreement outlines
the duties of financial institutions designated as Financial
Agents and ensures compliance with the ETA standards.
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On
September 25, 1998, Treasury issued 31 CFR Part
208, which provides, in part, that any individual
who receives a Federal benefit, wage, salary, or
retirement payment shall be eligible to open an
account called an ETA at any federally insured financial
institution that chooses to offer ETAs. On November
23, 1998, Treasury published for comment in the
Federal Register a notice setting forth proposed
terms, conditions, and attributes of the ETA. Based
on the comments received, Treasury has developed
a listing of required attributes and optional features
for the ETA, which are the subject of this notice.
An appendix to this notice is the Financial Agency
Agreement that Treasury enters with each financial
institution that elects to offer ETAs
FINAL NOTICE: [Federal Register:
July 16, 1999 (Volume 64, Number 136)] . |
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| Market
Potential for ETA Providers |
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| Social
Security Administration (SSA) Comparison Statistics |
Currently
the Social Security Administration alone issues approximately
12 million checks per month
to Social Security/SSI recipients. The Social Security Administration
provides data monthly on where
Social Security and Supplemental Security Income (SSI) benefits
are paid. SSA/SSI Direct Deposit
and check comparison statistics are provided by both by State/Territory
and each county within a State.
Visit
SSA site to see how Federal payment recipients in your market
areas are paid. This information
may be used to see the potential for new account holders or
direct deposit recipients in your area.
Visit
SSA site to see how benefit recipients in your area are paid.
The
U.S. Department of the Treasury is prepared to assist you
in implementing a successful ETA / Direct Deposit Program,
and how to use marketing and promotion to make existing programs
more effective.
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