What is an Electronic Transfer Account (ETA)?
A. An ETA is a low-cost account that provides federal payment recipients with the opportunity to receive their federal payments through direct deposit. The ETA is offered only through certain federally-insured banks, thrifts and credit unions. Q. Who is qualified to open an ETA? A. All federal payment recipients who receive any of the following can take advantage of an ETA: Social Security Supplemental Security Income (SSI) Veterans benefits Federal employee salary or retirement Railroad retirement payments Q. How does an ETA work? A. The ETA is a voluntary program for both the consumer and the financial institution. Banks, thrifts and credit unions that partner with the U.S. Treasury to provide the ETA offer an account that features: A monthly fee of $3 or less At least four cash withdrawals and four balance inquiries per month at no additional charge No minimum balance, except as required by state law Online point-of-sale transactions in the institution’s network, for example, U.S. P
