Electronic Transfer Account - ETA


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.

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 Money can be withdrawn from the account over the counter, at an ATM or through debit card purchases depending on the account terms, but not through check writing.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.


Investment dictionary. . 2012.

Look at other dictionaries:

  • electronic transfer of funds — ETF The transfer of money from one bank account to another by means of computers and communications links. Banks routinely transfer funds between accounts using computers; ETF is also used in home banking services. In the USA, the Electronic… …   Accounting dictionary

  • electronic transfer of funds — ETF The transfer of money from one bank account to another by means of computers and communications links. Banks routinely transfer funds between accounts using computers; ETF is also used in home banking services. In the USA, the Electronic… …   Big dictionary of business and management

  • Electronic Funds Transfer Act — The Electronic Funds Transfer (EFT) Act, also known as Regulation E, was implemented in the US in 1978 to establish the rights and liabilities of consumers as well as the responsibilities of all participants in EFT activities… …   Wikipedia

  • Electronic commerce — Part of a series on Electronic commerce Online goods and services Streaming media Electronic books …   Wikipedia

  • Electronic funds transfer — or EFT refers to the computer based systems used to perform financial transactions electronically.The term is used for a number of different concepts: * Cardholder initiated transactions, where a cardholder makes use of a payment card * Direct… …   Wikipedia

  • Electronic Benefit Transfer — (EBT) is an electronic system in the United States that allows state governments to provide benefits to authorized recipients via a plastic debit card. Common benefits provided via EBT are typically sorted into two general categories: Food Stamp… …   Wikipedia

  • Electronic engineering — is a discipline dealing with the behavior and effects of electrons (as in electron tubes and transistors) and with electronic devices, systems, or equipment.The term now also covers a large part of electrical engineering degree courses as studied …   Wikipedia

  • Electronic Clearing Service — [ [http://www.rbi.org.in/scripts/ECSUser.aspx Electronic Clearing Service] ] is a mode of electronic funds transfer from one bank account to another bank account using the services of a Clearing House set up by Reserve Bank of India. This is… …   Wikipedia

  • electronic funds transfer — ( EFT) An electronically based rather than paper based system of transferring funds to and from accounts. Two main EFT remittance methods are wire transfers and automated clearing house ( ACH). American Banker Glossary ( EFT) Transfer of funds… …   Financial and business terms

  • Electronic Data Interchange — (EDI) refers to the structured transmission of data between organizations by electronic means. It is more than mere E mail; for instance, organizations might replace bills of lading and even checks with appropriate EDI messages. It also refers… …   Wikipedia

  • Electronic Funds Transfer Act — A federal law that gives consumers the right to correct errors in ATM or bank statements relating to electronic funds transfers (such as ATM use, point of sale purchases, and preauthorized withdrawals from a bank account) and limits a consumer s… …   Law dictionary


Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.