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About the Financial Management Service

FMS Overview

Acting as the U.S. government's money manager, FMS provides centralized payment, collection, and reporting services for the government. FMS is staffed by approximately 2,100 career civil servants and oversees the daily cash flow of nearly $60 billion into and out of federal accounts. FMS also:

  • Disburses more than $1.6 trillion to more than 100 million individuals via social security and veterans' benefits, income tax refunds and other federal payments;
  • Collects more than $3.11 trillion per year in payments to the government through 10,000 financial institutions, with more than $2.45 trillion collected electronically;
  • Provides cash management guidance to federal program agencies;
  • Serves as the government’s central debt collection agency, managing the government’s delinquent debt portfolio; and
  • Collects more than $3.7 billion per year in delinquent debts owed to the federal government.

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Updated August 08, 2008
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