The Electronic Transfer Account (ETA) is a type of bank account that is designed specifically for people who receive federal benefit payments, such as Social Security or Veterans Affairs benefits. The ETA is a direct deposit account that allows these benefit payments to be deposited directly into the account, rather than being received by paper check. This can be more convenient for beneficiaries, as it eliminates the need to visit a bank or financial institution to deposit a check or to withdraw cash. The ETA is offered by participating financial institutions and is available to anyone who receives federal benefit payments. It is a low-cost account with no monthly fees or minimum balance requirements, and it includes features such as free online banking, debit card access, and overdraft protection.
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