Want a holiday tip? Open a bank account and
do it before the holidays to guarantee safety in receiving federal
benefits! Now, there's an easy process for individuals to receive
federal payments like retirement or veteran assistance, while
simultaneously rebuilding or establishing credit, and receiving
payments in a timely fashion.
A new account is available to anyone who receives
a federal payment regardless of your past credit history. The
United States Department of Treasury designed the Electronic Transfer
Account (ETA) in response to legislation passed in 1996 that required
that most federal payments be made electronically, or directly
deposited into a bank account. Treasury wanted to create a special
account for those individuals who did not have bank accounts so
they could also benefit from the speed and safety of direct deposit.
If you are still getting your payment by check,
you run the risk of having that check lost in the mail, stolen,
or arriving late due to weather conditions that are beyond anybody's
control. In fact, you are 30 times more likely to have a problem
with the delivery of a paper check than with direct deposit. And
should a problem occur, it takes about three weeks to replace
a check that may definitely affect your ability to pay monthly
bills. Getting your money electronically deposited into a bank
account reduces such risks and provides a sense of personal safety.
An ETA requires no minimum balance and allows
you to get your cash at an automated teller machine, a retail
point of sale, or from a bank teller. Monthly statements are provided
and the bank cannot charge you more than $3.00 in monthly service
The Treasury Department has now signed up more
than 600 financial institutions with more than 14,000 branch locations
to offer the ETA account. So, sign up today and take advantage
of this opportunity to get a low-cost, convenient account.
Listed below are six banks in Alabama
that offer the ETA Account: