§ 208.5 - Accounts for disbursement of Federal payments.

§ 208.5 Availability of the ETA ^SM.

An individual who receives a Federal benefit, wage, salary, or retirement payment shall be eligible to open an ETA^SM at any Federally-insured financial institution that offers ETAs^SM. Any Federally-insured financial institution shall be eligible, but not required, to offer ETAs^SM as Treasury's Financial Agent. A Federally-insured financial institution that elects to offer ETAs^SM shall, upon entering into an ETA^SM Financial Agency Agreement with the Treasury, be designated as Treasury's Financial Agent for the offering of the account pursuant to Public Law 104-208. Treasury shall make publicly available required attributes for ETAs^SM and any ETA^SM offered by a Federally-insured financial institution shall comply with such requirements. The offering of an ETA^SM shall constitute the provision of EBT services within the meaning of Public Law 104-208

Accounts for disbursement of Federal payments.

Treasury may designate a Financial Agent to establish and administer Treasury-sponsored accounts for individuals for the disbursement of Federal payments, including benefit, retirement, salary, miscellaneous, vendor, expense reimbursement and tax payments. Such accounts may be established upon terms and conditions that the Secretary considers appropriate or necessary and shall be made available at a reasonable cost and with the same consumer protections provided to other account holders at the financial institution. Treasury may deliver payments to such accounts and the maintenance of accounts and the provision of account-related services under this section shall constitute reasonable duties of a Financial Agent of the United States.