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The
ETA is a low-cost account you can open at a participating
federally insured bank, savings and loan, or credit
union. The U.S. Department of the Treasury designed
the ETA for Federal payment recipients who do not
have or may not qualify for a checking or savings
account. Most people who get Federal payments can
open an ETA.
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your ETA is open, you will be enrolled in Direct
Deposit. With Direct Deposit, the Government will
deposit your payment automatically into your ETA.
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You
can enjoy peace of mind knowing your money is safe
until you—and only you—need to use it.
Your payment will always be in your account on time.
You can take your money out the same day it gets to
your account. Or you can take out just enough money
to buy food or pay bills. The rest of your money will
remain safe in your account for you to use when you
need it.
Many
Federal benefit payments, including Social Security
benefits, Supplemental Security Income benefits, Veteran's
benefits, and Railroad Retirement benefits, are protected
from garnishment or attachment under Federal law.
This means that your creditors do not have
the right to have these funds taken out of your ETA
to satisfy any obligations that you may owe. There
are a few exceptions, however. For example, funds
in your ETA can be taken to satisfy child
support or alimony obligations you owe.
Additionally,
if you deposit funds other than
Federal benefit payments to your ETA, your creditors
may be able to have those funds taken out of your
account, but your Federal benefits would still
be protected!
If
you have further questions about a creditor's right
to remove funds from your ETA, please contact your
benefit agency
or your local legal services organization.
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