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Regulatory Developments - Electronic Transfer Accounts
Financial institutions that want to be part of the Electronic Transfer Account (ETA) system now have guidelines on that system.
The Financial Management Service of the Treasury Department published a notice that describes the required attributes and optional features of ETAs. The accounts are for individuals that don't have other bank accounts, but want to receive their federal payments electronically. For information, call (888) ETA-FRBK.
Copyright © 1999 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 9, No. 8, 9/99
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