In today’s fast-changing financial marketplace, people receiving Federal benefits such as Social Security, Supplemental Security Income (SSI), Veterans benefits, Federal employee salary and retirement, or Military or Railroad Retirement need to know they have choices for getting their regular payments.

For the past two years, the U.S. Treasury Department has conducted a public education campaign sometimes known as the EFT 99 Campaign. Though "EFT" stands for "Electronic Funds Transfer," the initiative is intended to inform people of all their choices, both electronic and paper-based, for getting Federal payments.

Individuals who receive Federal payments have at least three choices to get their payments:

The first, a popular choice, is through Direct Deposit. Benefit recipients who have an account at a financial institution may choose Direct Deposit, which ensures payments are made electronically, and go directly into the recipient’s account on time, every time. With Direct Deposit, weather, illness or vacation schedules won’t affect when those payments get into the recipient’s account — it happens automatically. Gone are the days of waiting in line to cash or deposit a check, and fears about lost or stolen checks are eliminated. Direct Deposit is simple, safe and secure.

For those who do not have a current relationship with a bank, savings and loan, or credit union, the U.S. Treasury Department has developed a new choice for receiving Federal payments. The Electronic Transfer Account, ETA^SM, is a new low cost, federally insured account that will be available later this year to all Federal benefit recipients regardless of their financial background.

The monthly fee for an ETA is no more than $3 a month and the account allows at least four cash withdrawals and four balance inquiries per month from a teller and/or ATM at the option of the financial institution. The ETA also provides a monthly statement and imposes no minimum balance except as required by law. It will give people on fixed and low incomes access to the safety and security of electronic funds transfer.

Benefit recipients who are unable to speak or read English, pay required fees, locate convenient banking facilities or manage an electronic account because of mental or physical disability may continue receiving a paper check — the third choice. Regardless of how recipients choose to receive their benefits, no payments will be withheld or delayed.

In eight states, recipients have a fourth choice for receiving their Federal payment. Residents of the Southern Alliance of States (SAS) — Alabama, Arkansas, Florida, Georgia, Kentucky, Missouri, North Carolina and Tennessee — can receive Federal and state benefits on a single card. The Benefit Security® Card gives beneficiaries access to state benefit payments at ATMs, point-of-sale terminals and financial institutions. For a small monthly fee, the same card can be used for Federal benefit payments.

These choices have been designed to meet the varying needs of Federal beneficiaries. Whatever their decision, Federal payment recipients can protect themselves and their assets by understanding their payment choices.

To learn more about payment choices, contact the issuing agencies as follows: Social Security at 800-772-1213 or visit http://www.ssa.gov/deposit/DDFAQ898.htm; Veterans Affairs at 800-827-1000; Office of Personnel Management at 888-767-6738; or Railroad Retirement Board at 800-808-0772.

For organizations that want to share information about U.S. Treasury’s EFT 99 Public Education Campaign, contact Shari Curtis, Community Outreach Coordinator, at 202-622-5529.