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 charges.
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: