FAM No. 99-34 (Electronic Transfer Accounts)
August 24, 1999
FINANCIAL ADMINISTRATION MEMORANDUM NO. 99-034 (II.J.)
To: Bureau Assistant Directors, Administration
Chief Executive Officer, National Business Center
Bureau Finance Officers
Finance Officer, Financial Management Services
From: William E. Webber /s/
Focus Leader, Asset and Debt Management
Office of Financial Management
Subject: Electronic Transfer Accounts
For your information, attached are copies of the U.S. Treasury’s Fact
Sheet and Commonly Asked Questions and Answers on the new Electronic
Transfer Account (ETA) product. ETAs were established as an inexpensive
way for the unbanked to establish accounts with financial institutions in
order to receive electronic funds transfer (EFT) payments under the
requirements of the Debt Collection Improvement Act of 1996. ETAs were
primarily designed for recurring payments like social security benefits,
veterans benefits, and retirement income payments. It is not anticipated
that there will be a significant use of ETAs by payees for the vast
majority of the Department’s payments.
Should you have any questions or require additional information on this
subject, please contact me on (202) 208-5684.
Attachments:
Notice of ETA
Fact Sheet
Commonly Asked Questions and Answers
