Last spring, the Fed launched an aggressive campaign to inform financial institutions about the U.S. Treasury's Electronic Transfer Account (ETASM), a product designed to give individuals who receive federal payments electronically access to an account at a reasonable cost. More than 7,000 institutions requested enrollment kits. To date, 364 federally insured banks, savings and loans and credit unions have registered as ETA providers.
The Treasury and the Fed continue to promote public awareness and to recruit institutions as providers. By offering the ETA, an institution has an opportunity to expand its customer base to include individuals outside the financial services mainstream. Millions of federal benefit, wage, salary and retirement recipients are eligible. Institutions will also receive CRA consideration for offering this valuable community development service. The Treasury will provide free public relations kits and in-bank marketing materials to help financial institutions promote the ETA. It also plans to introduce a national voice response system in the first quarter of 2000 to assist ETA customers and help individuals locate ETA providers.
For more information, contact your Federal Reserve account representative, or call the toll-free customer service number, 1-888-382-3725.