Electronic Transfer Account (ETA)
An Electronic Transfer Account is a low-cost bank account specifically designed for individuals who receive federal payments but do not have a traditional checking or savings account.
- Purpose: It allows recipients to receive federal benefits (such as Social Security, Veterans benefits, or SSI) via direct deposit rather than paper checks.
- Availability: These accounts are offered by federally insured financial institutions, like banks and credit unions, that have registered with the U.S. Treasury.
