WHAT IS AN ELECTRONIC TRANSFER ACCOUNT?
• An Electronic Transfer Account (ETA) is designed by the U.S. Department of the Treasury as a direct deposit system for people who do not already have checking or savings accounts to open an account at a participating bank, credit union or savings and loan in order to automatically receive federal benefit, wage, salary or retirement payments. The government deposits the person’s benefit check directly to the recipient’s ETA account instead of issuing a check. • The advantage of an electronic transfer of funds is that the recipient is not at risk of losing a check or having it stolen. • ETA account holders may make a minimum of four cash withdrawals per month from the service counter or ATM machine of their financial institution. No minimum balance is required to maintain the account. COST • A nominal monthly service charge may apply to the account. The fee should be lower than regular bank account fees. • Some financial institutions will not charge a service fee. WHO IS ELIGIBLE FOR A
