Ready or Not, Year 2000 Here We Come

Eighth District Improves Weekend Check Processing

Fed Discontinues Processing Definitive Securities

Bankers Discover Many Benefits of FedEDI

ETAs--An Opportunity to Expand Your Customer Base

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St. Louis Area Utilites Partner to Promote Direct Payment

Partnership Marketing Activities Resume

ETAs -- An Opportunity to Expand Your Customer Base

More than six months have passed since EFT 99 got under way, and the Treasury is moving on to the next phase in this initiative.

To accommodate the needs of millions of Americans considering entering the financial services industry, the Treasury designed an Electronic Transfer Account (ETA). The Treasury is encouraging federally insured financial institutions to offer ETAs. Certified ETA providers who add the ETA to their service line will receive a one-time setup fee for each ETA account they establish.

The ETA gives recipients of federal payments another alternative for receiving funds, in addition to direct deposit. As proposed, the ETA provides the same consumer protections available to other account holders, but has a few distinctions. For example, the ETA requires no minimum balance (unless required by federal or state law), has a minimum number of cash withdrawals per month and does not provide checking services.

The Treasury encourages you to offer an ETA because of the business opportunities. Millions of federal recipients still receive check payments, and the ETA offers these individuals an opportunity for "easing" into banking. Once these customers become comfortable managing this simple account, they could try your other services.

Offering the ETA also is a good public relations move. This is an opportunity to service underserved areas and stand out in your community. Offering the ETA also makes you eligible for additional Community Reinvestment Act (CRA) consideration.

For more information, call 1-888-382-3725 or e-mail eta@dal.frb.org.

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