TN 98 (04-18)

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.