GN 02402.067:
Electronic Transfer Account (ETA)
Effective Dates: 08/16/2005 - Present- Effective Dates: 04/03/2018 - Present
TN 12 (05-00)- TN 98 (04-18)
- GN 02402.067 Electronic Transfer Account (ETA)
A. DESCRIPTION: ETA* An ETA is a low-cost account designed by the Department of the Treasury (DT) in response to the Debt Collection Improvement Act of 1996 requirement that all Federal payments must be made by EFT after January 1, 1999.* Only participating Federally insured FIs can offer ETAs.* FIs that choose to participate in the ETA program enter into an ETA Financial Agency Agreement with DT.Questions regarding ETA accounts that cannot be answered by the information provided here should be directed to DT's Voice Response/Call Center at 1-888-382-3311.B. POLICYAny individual who receives a Federal benefit, wage, salary, or retirement payment (including title II or title XVI benefits) is eligible to open an ETA regardless of whether he or she has an existing account at an FI.The ETA will have the following attributes. The ETA shall:* have a maximum price of $3.00 per month.* allow the individual to make at least 4 cash withdrawals and 4 balance inquiries per month at no cost beyond the monthly price. These transactions may be made through any combination of proprietary ATM transactions and/or over-the-counter transactions.* provide the same consumer protections available to other account holders at the FI.* allow access to the FI's online point-of-sale (OPIS) network, if any.* require no minimum balance, except as required by Federal or State law; e.g. some credit unions require a minimum balance.* at the option of the FI, be either an interest-bearing or non interest-bearing account.* provide a monthly statement.- A. Background information on ETA
- An ETA is a low-cost account designed by the Department of the Treasury (Treasury) in response to the Debt Collection Improvement Act of 1996. The act requires agencies to pay all Federal payments by Electronic Funds Transfer (EFT) after January 1, 1999. Only participating federally insured Financial Institutions (FIs) can offer ETAs. FIs that choose to participate in the ETA program enter into an ETA Financial Agency Agreement with Treasury. Direct any questions regarding ETA accounts to Treasury’s call center at 1-888-382-3311.
- B. Eligibility for ETA
- Any individual is eligible to open an ETA if he or she receives a Federal payment (i.e. wage, salary, Title II or Title XVI payment),
- regardless of whether he or she has another existing account at an FI.
- C. Description of ETA requirements
- The description of ETA requirements are below. The ETA must:
- * have a maximum price of $3.00 per month;
- * provide industry standard consumer protections for all account holders at the FI;
- * allow access to any online, point-of-sale (OPIS) network, as offered by the FI;
- * have no minimum balance, except as required by Federal or State law;
- * have either an interest-bearing or non-interest-bearing account at the option of the participating FI;
- * provide a monthly statement;
- * allow the individual to make at least 4 cash withdrawals and 4 balance inquiries per month (included within the monthly fee). The individual can make these transactions through any combination of proprietary ATM or over-the-counter transactions.
x
← This means that the line
was removed and
was added – in other words, the "Effective Dates" line at the top of the document has been updated to reflect that the new version is effective as of the date the change was made.