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ELECTRONIC
TRANSFER ACCOUNT
The following is summarized
from the U.S. Department of the
Treasury's Electronic Transfer Account
website:
www.eta-find.gov/
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 AN
ELECTRONIC TRANSFER ACCOUNT?
- Connecticut residents who do
not have a checking or savings account*
- Recipients of one of the
following types of federal government
payments: Civil Service; Department of
Labor/Black Lung Benefits; Office of Policy
and Management (OPM) Retirement; Military
Retirement; Railroad Retirement; Social
Security; Supplemental Security Income (SSI);
or Veterans Benefits
HOW DO I FIND AN ELECTRONIC
TRANSFER ACCOUNT PROVIDER?
- The U.S. Treasury Dept.’s
Electronic Transfer Account website:
www.eta-find.gov/ will allow
people to search for local financial
institutions that provide ETA accounts. Also,
participating banks, credit unions, and
savings and loans will display an ETA sign at
their locations.
* Of course, people with
existing checking or savings accounts can also
request that their federal benefit check be
deposited electronically. Since they already
have accounts, they do not need to open a
special account for the SOLE purpose of
receiving the electronic transfer.
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TO FIND PROVIDERS IN
CONNECTICUT'S COMMUNITY RESOURCES DATABASE:
Search by service
name: Electronic
Transfer Accounts
SOURCE: U.S. Department of the
Treasury: Electronic Transfer Account website
INTERNET PAGE PREPARED BY: 211/pt
CONTENT LAST REVIEWED: March2013
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