Electronic Transfer Account - ETA
Definition of 'Electronic Transfer Account - ETA'A bank account for federal payment recipients who do not have checking or savings accounts. Instead of receiving federal payments by check for Social Security, SSI, the Railroad Retirement Board, OPM retirement, VA benefits, DOL/Black Lung and civilian or military salary or wages, an ETA allows the recipient to receive his or her federal transfer payment by direct deposit, which is considered to be faster, more convenient and more secure than receiving payment by check. |
|
Investopedia explains 'Electronic Transfer Account - ETA'The ETA is a federally insured account and is available through those banks, savings and loans, and credit unions that have registered with the U.S. Treasury as ETA providers. Money can be withdrawn from the account over the counter, at an ATM or through debit card purchases depending on the account terms, but not through check writing. Investment companies, insurance companies and check-cashing companies cannot offer ETAs. Individuals can open an ETA regardless of credit history unless they have previously abused an ETA account. |
Related Definitions
Articles Of Interest
-
Your First Checking Account
This owner's manual will show you what to expect from your bank. -
Bag The Best Bank Account
Take advantage of the deals banks offer, and find the right account for your financial situation. -
Inside National Payment Systems
The global interconnection of U.S. payment systems makes commerical and financial transfers possible. -
Cut Your Bank Fees
Find out how to get the bank to pay you for using their services, not the other way around. -
If I want to have some cash in a liquid account for unexpected emergencies, what is best? A savings account or another type?
It's always a good idea to keep some money set aside in a liquid form, but it's a double-edged sword, because the more liquid your money, the less it's earning. If you never have an emergency, ... -
3 Banking Moves You Should Make Before Traveling
Putting your finances in order should be one of your top priorities before traveling out of the country. -
Clearing Up Tax Confusion For College Savings Accounts
Put your kids through school without being hounded by the tax man. -
Besides a savings account, where is the safest place to keep my money?
Savings accounts are safe because investors' deposits are guaranteed by the Federal Deposit Insurance Corporation (FDIC) for bank accounts or the National Credit Union Administration (NCUA) for ... -
Changes To Your Checking Account
Checking accounts have evolved a lot over the years. Here are the five biggest changes that can affect your wallet. -
The Most Costly Banking Mistakes You Can Make
With changing and increasing fees, it can be difficult to avoid bank charges, but investing time in finding out what your bank charges, and when, can help you save money.
Free Annual Reports