Regulacje i polityka gospodarcza · 23.11.1998
Electronic Transfer Account
The Debt Collection Improvement Act of 1996 (Act) amends 31 U.S.C. 3332 to provide that, subject to the authority of the Secretary of the Treasury to grant waivers, all Federal payments, other than payments under the Internal Revenue Code, must be made by electronic funds transfer (EFT) beginning January 2, 1999. The Department of the Treasury (Treasury) published a final rule implementing this mandate, 31 CFR part 208 (Part 208), on September 25, 1998. 63 FR 51490. Part 208 provides that any individual who receives a Federal benefit, wage, salary, or retirement payment is eligible to open an Electronic Transfer Account, or ``ETA SM ,'' at any Federally-insured financial institution that elects to offer ETAs SM ''. The preamble to the final rulemaking indicated that Treasury would separately publish for comment a notice of the proposed features of the ETA SM . This notice describes proposed features of the ETA SM and provides further opportunity for public comment. In addition, it requests comment on three other features that are not part of the basic ETA SM to determine whether they should be added to the ETA SM at the option of the financial institution and at additional cost, if