[20010105]RS20601_电子转账账户.pdf

1 http:/www.fms.treas.gov/eft.htmlCongressional Research Service ? The Library of CongressCRS Report for CongressReceived through the CRS WebOrder Code RS20601Updated January 5, 2001Electronic Transfer AccountsPauline H. SmaleEconomic AnalystGovernment and Finance DivisionSummaryThe Debt Collection Improvement Act of 1996 (P.L. 104-134) required all federalpayments (other than IRS refunds) to be made by electronic funds transfer after January1, 1999. On September 25, 1998, the Department of the Treasury issued a final rule toimplement the electronic fund transfer (EFT) requirements. A significant challenge forthe Treasury involved the problem of providing electronic financial services to“unbanked” consumer recipients of federal payments. The Department has estimated asmany as 10 million individual recipients do not have an account with a depositoryfinancial institution1. The Treasury responded to this challenge by designing the ETA(electronic transfer account). The ETA is a low-cost account offered by federally insuredfinancial institutions that have entered into an agreement with the Department of theTreasury. This report provides an overview of this account option for individuals