What will happen to beneficiaries without bank accounts?
Federal recipients without an account at a financial institution may choose to open an account at a financial institution on their own, or to be provided with an account in their name that allows them to access their funds at a reasonable cost and that has the same consumer protections as other accounts at the same financial institution. These recipients would be able to continue receiving paper checks until these accounts, being designed by the Department of the Treasury, are available or until January 2, 2000, whichever is earlier. These newly created “Electronic Transfer Accounts” would permit ATM and point-of-sale access. Are any waivers for individuals included in the proposed rule? Under the proposed rule, hardship waivers for individuals would be granted in the following cases: Individuals who began receiving federal payments before July 26, 1996, and who have an account with a financial institution, would not be required to receive their payments by EFT if they certify that pay
