I. BACKGROUND
On September 25, 1998, Treasury issued regulations providing, in part, that any individual who receives a Federal benefit, wage, salary, or retirement payment shall be eligible to open an Electronic Transfer Account (ETA) at any Federally insured financial institution that elects to offer ETAs. Treasury issued a notice setting forth the required terms, conditions, attributes, and optional features of the ETA and published the Financial Agency Agreement that Treasury will enter into with each financial institution that chooses to offer ETAs.
II. ATTRIBUTES OF ETAS
All ETAs must have the following attributes:
A. Be an Individually Owned Account at a Federally Insured Financial Institution
An ETA is not required to be titled only in the name of the recipient. While these accounts may not be owned by a corporation, organization or other entity, they may be held as a jointly owned account. These accounts may also be held in the name of a representative acting as an authorized payment agent.
B. Be Available to any Individual Who Receives a Federal Benefit, Wage, Salary or Retirement Payment
With two exceptions, a financial institution that offers ETAs must open an ETA for any recipient of a Federal benefit, wage, salary or retirement payment who requests an ETA and who, by enrolling through the institution and the Federal Government’s Direct Deposit program, agrees to have such payments electronically transferred to the ETA. Each financial institution may establish its own account-opening procedures for the ETA. E.g., some institutions may choose to open ETAs through a telephone application process, whereas others may choose to require recipients to apply in person.
The two exceptions to the account-opening requirement are: (a) a financial institution may not open an ETA for any individual if the institution does not have authority under its charter to maintain a deposit or share account for the individual; and (b) a financial institution is not required to open an ETA for any individual if (i) the institution is aware that the individual previously was the owner of an ETA that was closed because of fraud at that institution or any other financial institution; or (ii) the institution, for reasons of account misuse, previously closed an ETA held by the individual at that institution.
Accordingly, a financial institution will be required to open an ETA for any eligible recipient, regardless of the recipient’s previous account experience, except where the individual has engaged in fraud with respect to another ETA or where the individual has misused an ETA at that same institution. The distinction between fraud and misuse in this context is that although a recipient could unintentionally or negligently misuse an account in various ways (e.g., by inadvertently causing an overdraft to the account or failing to safeguard a PIN number), fraud represents actions by an individual with the intent to obtain funds wrongfully from the financial institution (e.g., where an individual authorizes a third party to withdraw funds from an account using an ATM card and then falsely represents to the financial institution that the withdrawal was unauthorized).
Since financial institutions are not be allowed to deny an ETA to an eligible individual except in limited circumstances, the Treasury Department recognizes that it is important for financial institutions to have the ability to close an individual ETA that is misused. Accordingly, a financial institution is permitted to close an ETA where the financial institution has cause to believe that fraud has occurred in connection with the account or that the account has been misused. Any determination that fraud or misuse has occurred must be consistent with the financial institution’s usual criteria for closing accounts. E.g., criteria include situations where the institution determines that fraud has occurred after conducting an investigation required under Regulation E; excessive overdrafts; negligence in safeguarding an ATM or POS card or personal identification number (PIN), or failure to pay an overdraft within a reasonable time.
C. Accept Electronic Federal Benefit, Wage, Salary, and Retirement Payments and Such Other Deposits as a Financial Institution Agrees to Permit
The Treasury Department permits (but does not require) financial institutions to offer recipients the option of depositing to the ETA other funds in addition to electronic federal benefit, wage, salary and retirement payments. A financial institution may choose to limit such other deposits to electronic deposits or may allow recipients to deposit cash or checks in addition to other electronic deposits. Financial institutions may specify whether deposits of other funds can be made by mail, at an ATM or over-the-counter. Financial institutions may not charge any fee in connection with allowing deposits of other funds.
D. Be Subject to a Maximum Price of $3.00 Per Month
Financial institutions that choose to offer ETAs may charge a fee not to exceed $3.00 per month. The Treasury Department will evaluate the appropriateness of this fee from time to time and will make adjustments periodically as warranted. All required attributes of an ETA must be included within the monthly fee to the recipient. In recognition of costs that may be incurred by financial institutions for providing services beyond those required with an ETA, Treasury will permit financial institutions to charge the holder of an ETA for other services for which the institution usually charges fees to its customers. E.g., fees for ATM withdrawals in excess of four per month; replacement card fees; and account research fees. Financial institutions may impose such fees at their customary rates, except that the amount of any overdraft fee may not exceed $10.00. In addition, a financial institution may not charge a recipient more than one overdraft fee during a 24-hour settlement period even if several items on the recipient’s account are returned during that period. Before opening an ETA, a financial institution must clearly and conspicuously disclose, in writing, the amount of any applicable fees to the recipient, as described more fully in the FAA.
E. Have a Minimum of Four (4) Cash Withdrawals and Four (4) Balance Inquiries Per Month, to be Included in the Monthly Fee, Through:
1. the financial institution’s proprietary (on-us) automated teller machines;
2. over-the-counter transactions at the main office or a branch of the financial institution, or
3. any combination of on-us ATM access and over-the-counter access at the option of the financial institution.
Access to funds and balance information may be provided by ETA providers through one of three methods: (1) the financial institution’s proprietary (on-us) ATMs; (2) over-the-counter at the ETA provider’s main office or branch locations; or (3) through a combination of ATM and over-the-counter transactions. In addition, access to balance information may be provided over the telephone or, if the recipient agrees, through other electronic means. Any of these methods may be used at the option of the financial institution as long as a minimum of four cash withdrawals and four balance inquiries are provided within the $3.00 monthly fee and as discussed below (See, Paragraph II. 7), institutions that are members of on-line POS networks provide on-line POS access.
The term proprietary (on-us) ATMs, refers to ATMs that a financial institution’s customer may use without being subject to a fee of any kind, including a surcharge. The Treasury Department is not including ACH debit as a feature of the ETA, optional or otherwise. Financial institutions are not required to reject preauthorized ACH debit transactions if any, initiated by recipients.
F. Provide the Same Consumer Protections That Are Available to Other Account Holders at the Financial Institution, Including, for Accounts That Provide Electronic Access, Regulation E Protections Regarding Disclosure, Limitations on Liability, Procedures for Reporting Lost or Stolen Cards and Procedures for Error Resolutin
ETAs are subject to consumer protections available to other account holders at the same financial institution. Thus, an ETA will be protected by federal deposit insurance, subject to the Truth in Savings Act disclosures found in Regulation DD and, if electronic access is provided, subject to Regulation E.
G. Allow on-Line Point-of-Sale (POS) Purchases, Cash Withdrawals and Cash Back with Purchases at No Additional Charge by a Financial Institution Offering an ETA, if it is a Member of an on-Line POS Network
By referring to on-line POS access, the Treasury Department excluded access to an ETA through off-line debit systems. Institutions offering this type of POS access to customers are not allowed to offer off-line POS access to the ETA. On-line POS access, in contrast to off-line, carries minimal risk of overdraft in most situations. For small institutions that rely on batch processing for on-line POS access which presents a greater possibility for overdraft, the risk is mitigated by the right to offset overdrafts against an ETA, to charge a fee for overdrafts or returned items and to discontinue POS access or close the ETA for repeated overdrafts. Financial institutions that provide POS access may not impose a fee in connection with POS purchases, cash withdrawals and cash back with purchases. Merchant fees on cardholders for such transactions are not prohibited or regulated.
H. Require No Minimum Balance, Except as Required by Federal or State Law
In general, financial institutions may not require that a recipient maintain a minimum balance in his or her ETA. The only exception to this requirement is where a minimum balance is mandated by federal or state law.
I. Be Either an Interest-Bearing or a Non-Interest-Bearing Account, at the Option of the Financial Institution
Payment of interest on an ETA is offered solely at the option of a financial institution. A financial institution may not require a minimum balance in connection with the payment of interest. If a financial institution offers both interest-bearing and non-interest-bearing ETAs, the institution may charge a higher monthly fee for an interest-bearing ETA than it charges for a non-interest-bearing ETA, but the monthly fee may not exceed $3.00.
A financial institution is prohibited by federal law from paying interest (including certain premiums and other payments) on demand deposit accounts. To pay interest (or certain other amounts) on an ETA, a financial institution must reserve the right to require the holder of an account to provide at least seven days’ written notice prior to withdrawal of any funds in the ETA. So that that ETA holders are treated like other NOW account holders in this respect, the FAA provides that if a financial institution, in order to establish the ETA as a NOW account, reserves the right to require seven days’ written notice prior to withdrawal of any funds in the ETA, the institution shall not exercise this right with respect to any ETA holder unless the institution requires such notice to all its NOW account holders.
So that a recipient is aware of respective rights, a financial institution that pays interest on an ETA must provide the following written disclosure to the account holder:
Under Federal regulations, financial institutions that offer interest-bearing transaction accounts (including ETAs) must reserve the right to require you to provide at least seven days’ written notice prior to withdrawing any funds in your ETA. We (name of Institution) agree that we will not require this notice from you unless we require it for all interest-bearing transaction accounts we offer.
J. Provide a Monthly Statement
The Treasury Department believes that it is important to provide ETA account recipients with a monthly statement, particularly since the ETA allows for POS withdrawals and purchases and account balances may not always be provided in connection with such transactions. A monthly statement facilitates a recipient’s ability to track withdrawals and POS transactions and is helpful for financial planning and account management purposes. The monthly statement may be provided electronically if the recipient agrees, subject to the requirements of Regulation E.
III. AVAILABILITY OF ETAS
The Treasury Department maintains and makes available to recipients and program agencies – by telephone and other electronic means – a list of participating ETA providers. A financial institution offering ETAs is required to display prominently a logo to be supplied by the Treasury Department indicating that the ETA is available at that financial institution.
IV. COMPENSATION TO FINANCIAL INSTITUTIONS
In an effort to maximize the number of financial institutions that choose to offer ETAs, the Treasury Department offers financial institutions compensation to establish the account. The Treasury Department will reimburse each financial institution that offers the ETA a one-time fee of $12.60 per account established, in order to offset the costs of setting up the account. The fee is paid regardless of whether the recipient has or had an existing account.
Some financial institutions have indicated that they already offer low-cost accounts that meet ETA regulatory requirements and have inquired whether they can be compensated for offering those accounts. Any account that has the attributes of an ETA can qualify as an ETA provided that the financial institution opens the account after entering into a FAA with the Treasury Department and the account is identified to the public as an ETA. As with all other ETAs, a low-cost account that is designated as an ETA may offer only those features required of an ETA. It may not offer additional features – such as a check writing feature – even if the cost of providing such a feature falls within the maximum monthly fee.
V. ATTACHMENT AND SETOFF
Most federal benefit payments deposited to an account at a financial institution, including Social Security benefits, Supplemental Security Income benefits, Veterans benefits and Federal Railroad Retirement benefits are protected from attachment and claims of judgment creditors by federal law, subject to certain limited exceptions. If a financial institution receives an order of attachment or garnishment for an ETA, it must immediately send a copy of the order and the name of the creditor and contact person, if any, to the recipient. In addition, in order to ensure that recipients understand that federal benefit payments deposited to an ETA are generally protected from attachment, the Treasury Department requires an institution that opens an ETA to provide the following disclosure, in writing, to the holder of the account:
Many Federal benefit payments, including Social Security benefits, Supplemental Security Income benefits, Veteran’s benefits, and Railroad Retirement benefits, are protected from attachment under Federal law. This means that your creditors do not have the right to have these funds taken out of your ETA. There are a few exceptions, however. For example, funds in your ETA can be taken to satisfy child support or alimony obligations you owe. (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.)[1]
If we (name of Institution) receive an order of attachment, garnishment, or levy, we will immediately send you a copy of the order and the name of the creditor and contact person, if any.
If you have questions about a creditor’s right to remove funds from your ETA, contact your benefit agency or your local legal services organization.
The Treasury Department allows a financial institution to deduct from an ETA those amounts representing certain obligations of the recipient that are directly related to the maintenance of the ETA itself. Those obligations include: (a) the monthly fee; (b) any other fees incurred by the recipient in connection with the maintenance of the ETA; (c) any amount mistakenly credited to an ETA to which the recipient has no legal right; (d) the amount of any overdraft on an ETA; and (e) any amount for which the recipient is liable under Regulation E, including any amount provisionally credited to the ETA for which the financial institution determines, after conducting the investigation required under Regulation E, that the recipient is liable.
A financial institution may not set-off against an ETA any obligation incurred by a recipient in connection with other products or services offered by the institution. Recipients may not pledge an ETA or have automatic loan payments transferred from the ETA to another account.
VI. FINANCIAL AGENCY AGREEMENT
The Appendix to the Notice of ETA contains: the FAA that the Treasury Department enters into with a financial institution that offer ETAs; a required bank resolution; and ETA Enrollment Form. A copy of these documents follows this Article.
[1] This sentence must be included only if the financial institution permits the recipient to deposit into the ETA funds other than Federal benefit, wage, salary, and retirement payments.
Financial Agency Agreement
The undersigned financial institution, _________________ , a _______________________ ,
[name of institution] [type of institution]
(hereafter “Institution”) hereby applies to the Department of the Treasury (“Treasury”) for designation as a Financial Agent of the United States for the purpose of offering and maintaining Electronic Transfer Accounts (ETAssm). This agreement, which shall be executed on behalf of Treasury by its Fiscal Agent, the Federal Reserve Bank of Dallas (hereafter “Reserve Bank”), is made pursuant to 31 CFR § 208.5, as amended from time to time, which is incorporated by reference herein.
Representations and Warranties. Institution represents and warrants to Reserve Bank and Treasury that:
1. Authority. Institution possesses under its charter and the regulations issued by its chartering authority either general or specific authority to offer and maintain ETAssm.
2. Execution and Delivery. The execution and delivery of this Agreement and the offering and maintenance of ETAssm by Institution is authorized by due action of its board of directors, as evidenced by the resolutions of such body, submitted with this Agreement.
3. Insured Status. Institution is a financial institution, the deposits of which are insured by the Federal Deposit Insurance Corporation under 12 U.S.C. Chapter 16 or the member accounts of which are insured by the National Credit Union Share Insurance Fund under 12 U.S.C. Chapter 14, Subchapter II.
4. Year 2000 Readiness. Institution meets the standards for Year 2000 system readiness established by the Federal Financial Institutions Examination Council (FFIEC).
Obligations of Institution. Institution hereby agrees as follows:
1. Offering of ETAssm. Within 60 days of the date of execution of this Agreement by Reserve Bank, or as otherwise agreed to in writing by the Reserve Bank, Institution will commence the offering and maintenance of ETAssm in accordance with the requirements set forth in the ETAsm Notice dated July 16,1999 and published in the Federal Register at 64 FR 38510, as may be amended from time to time (hereafter “Notice”). The Notice is incorporated by reference in this Agreement. Institution will offer ETAssm at all of its branch locations.
2. Insured Status. For the duration of the term of this Agreement, Institution shall maintain its status as a financial institution, the deposits of which are insured by the Federal Deposit Insurance Corporation under 12 U.S.C. Chapter 16 or the member accounts of which are insured by the National Credit Union Share Insurance Fund under 12 U.S.C. Chapter 14, Subchapter II.
3. Account Opening. Except as provided in subparagraphs (a) and (b). Institution shall open an ETAsm for any Eligible Individual who requests an ETAsm and who authorizes the deposit of Eligible Payments to the ETAsm. Institution may establish account-opening procedures for the ETAsm provided that the procedures do not conflict with any provision of this agreement. “Eligible Payment” means any electronically transferred Federal benefit, wage, salary, or retirement payment. “Eligible Individual” means any individual who receives a Federal benefit, wage, salary, or retirement payment.
(a) Institution shall not open an ETAsm for any individual if Institution does not have authority under its charter to maintain a deposit or share account for the individual.
(b) Institution is not required to open an ETAsm for any individual if:
(i) Institution is aware that the individual previously was the owner of an ETAsm that was closed because of fraud at Institution or any other financial institution, or
(ii) Institution, for reasons of account misuse, previously closed an ETAssm held by the individual at Institution.
4. Fees. Institution may charge the holder of an ETAsm a fixed monthly account fee in an amount established by Treasury and set forth in the Notice (hereafter “Monthly Fee”), Institution may not charge any other fee in connection with any required attribute of the ETAsm listed in the Notice. Subject to the foregoing restriction, Institution may charge the holder of an ETAsm other account-related fees that Institution usually and customarily charges to its other retail customers. Examples of such fees include (but are not limited to): fees for ATM withdrawals in excess of the minimum specified in the Notice; replacement card fees; and account research fees. Institution may impose such fees at its customary rates; provided, however, that the amount of any overdraft fee may not exceed the amount established by Treasury and set forth in the Notice. All fees shall be disclosed in accordance with the requirements set forth in paragraph 10(a) of this Agreement.
5. Set Off. Institution shall not exercise any right of set off against an ETAsm for any obligation of the account holder to Institution, except that Institution may set off against an ETAsm: (a) the Monthly Fee; (b) any fee(s) incurred by the holder of an ETAsm in connection with the maintenance of the ETAsm as provided in this Agreement; (c) any amount mistakenly credited to an ETAsm by Institution and to which the account holder has no legal right; (d) the amount of any overdraft on an ETAsm; and (e) any amount for which the account holder is liable under Regulation E, including any amount provisionally credited to the ETAsm by Institution in accordance with Regulation E for which Institution determines, after investigation, that the holder of the ETAsm is liable.
6. Additional Deposits. Institution may offer recipients who open ETAsm the option of depositing to the ETAsm other funds in addition to electronic Federal benefit, wage, salary, and retirement payments. At its discretion, Institution may limit such other deposits to electronic deposits, may allow recipients to deposit checks and/or cash in addition to other electronic deposits, and may specify whether deposits can be made by mail, at an ATM, and/or over the counter. Notwithstanding any other provision of this Agreement, Institution may not charge a fee in connection with this option.
7. Payment of Interest. Institution is not required to pay interest on ETAsm balances, but may elect to do so in its sole discretion. Institution may not require a minimum balance in connection with the payment of interest. If Institution offers both interest-bearing and non-interest-bearing ETAssm, Institution may charge a different Monthly Fee for the interest-bearing and non-interest-bearing ETAssm, but may in no case charge a Monthly Fee that exceeds the maximum amount specified by Treasury in the Notice. If Institution, in order to establish the ETAsm as a NOW account, reserves the right to require the account holder to provide at least seven days’ written notice prior to withdrawal of any funds in the ETAsm, Institution shall not exercise this right with respect to any ETAsm holder unless Institution requires such notice of all its NOW account holders. If Institution pays interest on an ETAsm, Institution shall provide the disclosure set forth in paragraph 10(d) of this Agreement to the holder of the account.
8. Access Arrangements. Institution shall not enter into any arrangement with any non-financial institution provider of payment services, other than a national or regional ATM/POS network, for the purpose of providing access to payments deposited to an ETAsm maintained by Institution.
9. Account Closing. Institution may close an ETAsm where Institution has cause to believe that fraud has occurred in connection with the account or that the account has been misused. A determination that fraud or misuse has occurred shall be based on, and consistent with, Institution’s usual and customary criteria for closing accounts. Such criteria may include (but shall not be limited to): where Institution determines that fraud has occurred after conducting the investigation required under Regulation E; excessive overdrafts; negligence in safeguarding an ATM and/or POS card or PIN number; or failure to pay an overdraft within a reasonable period of time. Institution shall not close any ETAsm for any reason other than fraud or misuse unless (a) so requested by the holder of the ETAsm; (b) the ETAsmceases to be used for the receipt of Eligible Payments; or (c) this Agreement is terminated in accordance with its terms.
10. Disclosures.
(a) Prior to opening an ETAsm, Institution shall provide to the holder of the account the following disclosures, which shall be made clearly and conspicuously in writing in a form the account holder may retain:
(i) the amount of any fee(s) that Institution may impose on the holder of the ETAsm in accordance with this Agreement;
(ii) a list of Institution’s local ATM and branch locations, hours of service, and telephone numbers; and
(iii) the following disclosure regarding attachment of an ETAsm:
“Many Federal benefit payments, including Social Security benefits, Supplemental Security Income benefits, Veteran’s benefits, and Railroad Retirement benefits, are protected from attachment under Federal law. This means that your creditors do not have the right to have these funds taken out of your ETAsm. There are a few exceptions, however. For example, funds in your ETAsm can be taken to satisfy child support or alimony obligations you owe. [If you deposit funds other than Federal benefit payments to your ETAsm, your creditors may be able to have those funds taken out of your account, but your Federal benefits would still be protected.][1]
If we/[name of Institution] receive an order of attachment, garnishment, or levy, we will immediately send you a copy of the order and the name of the creditor and contact person, if any.
If you have questions about a creditor’s right to remove funds from your ETAsm, contact your benefit agency or your local legal services organization.”
(iv) In addition, if Institution pays interest on an ETAsm, Institution shall provide the following disclosure to the holder of the account:
“Under Federal regulations, financial institutions that offer interest-bearing transaction accounts (including ETAsm) must reserve the right to require you to provide at least seven days’ written notice prior to withdrawing any funds in your ETAsm. We/[name of Institution] agree that we will not require this notice from you unless we require it for all interest-bearing transaction accounts we offer.”
(b) Institution shall provide the following disclosure in its account agreement with the ETA holder:
“[Name of Institution] is required by the Department of the Treasury to ensure that your ETAsm meets certain criteria and to provide you with certain disclosures about your ETAsm. These obligations are set forth in an ETAsm Financial Agency Agreement between [name of Institution] and the Department of the Treasury. The text of the ETAsm Financial Agency Agreement is publicly available and is published in the Federal Registerat 64 FR 38510, dated July 16, 1999.”
11. Provision of Information. Institution shall complete and provide to Reserve Bank the enrollment form attached to this Agreement. Institution shall report to Treasury by the 15th day of each month the number of ETAssm opened and closed by Institution during the previous month and the number of ETAssm open at the Institution as of the end of the previous month (hereafter “Monthly Report”). Institution shall also provide an account number for the Institution to which payment shall be made. In addition, Institution shall provide Treasury with such information and documentation as reasonably may be required from time to time, including internal audit reports, in order for Treasury to verify the number and status of ETAssm, facilitate payment of Set Up Fees, and ensure compliance with the terms of this Agreement.
Use of ETAsm Mark. Treasury grants to Institution a license to use the ETAsm mark in advertising and promoting ETAssm in accordance with the graphics standards established by Treasury (hereafter “Graphics Standards”). Treasury shall provide to Institution one or more logos containing the ETAsm mark that Institution must display in each branch, in accordance with the Graphics Standards. Treasury has the right to revoke such license immediately if Treasury, in its sole discretion, determines that Institution is using the ETAsm mark in a misleading or inappropriate manner. Institution’s license to use the ETAsm mark shall cease upon termination of this Agreement.
Set Up Fee. Treasury shall pay Institution a one-time fee, the amount of which shall be determined by Treasury and published in the Notice, for each ETAsm that Institution establishes for an Eligible Individual (hereafter “Set Up Fee”). Treasury shall pay the Set Up Fee within 30 days of receipt of the Monthly Report documenting the number of ETAssmopened.
No Liability. Institution acknowledges that, except for the payment of the Set Up Fee (as defined above), neither Reserve Bank nor Treasury shall have any liability to Institution for any loss or liability incurred by Institution in connection with or resulting from opening or maintaining an ETAsm or the actions of any holder of an ETAsm, including any loss to Institution resulting from fraud or misuse of an account.
Amendment. Treasury may amend this Agreement at any time upon 60 days prior written notice to Institution.
Term and Termination. The term of this Agreement is two years from the date of its execution by Reserve Bank; provided, however, that the term of this Agreement shall be extended automatically and without any action by either party for subsequent one-year terms unless Institution informs Reserve Bank and Treasury of its intent to terminate the Agreement at least 60 days prior to the end of any term, by written notice to the following addresses:
Director, Program Compliance Division
Financial Management Service
401 14th Street, N.W., Room 424
Washington, D.C. 20227
Federal Reserve Bank of Dallas
Securities Department
P.O. Box 655906
Dallas, TX 75265-5906
Treasury may terminate this Agreement at any time prior to the expiration of its term upon written notice to Institution. Institution may not terminate this Agreement prior to the expiration of its initial or any subsequent term without Treasury approval. Upon termination of this Agreement, Institution shall provide all assistance necessary to effect the orderly transfer of ETAsm to another financial institution. Treasury may extend a termination date if, in Treasury’s sole discretion, additional time is required to complete the orderly transfer of accounts.
Limited Purpose Designation. Institution acknowledges that by entering into this Agreement Institution shall be designated as a Financial Agent of United States exclusively for the purpose of offering and maintaining ETAsm, and not for any other purpose.
Execution. Institution shall mail a duly executed original of this Agreement, together with all attachments, to the following address:
Institution agrees that upon its execution by the Federal Reserve Bank of Dallas, acting as Fiscal Agent of the United States, this document shall evidence the agreement entered into between the Secretary of the Treasury and Institution.
Signed on behalf of Institution by the undersigned corporate officer, who certifies that he/she is duly authorized to execute this document as evidenced by the attached resolutions of the Governing Body By:
Signature Name of Institution
Name and Title of Authorized Officer (Print) Street Address
Telephone Number City or Town, State
Date
Designation
The undersigned, on behalf of the Federal Reserve Bank of Dallas, acting as Fiscal Agent of the United States, hereby designates as an ETAsm Financial Agent under the terms of this agreement commencing on the date indicated below.
Federal Reserve Bank of Dallas as Fiscal Agent of the United States.
By:
Signature
Name and Title of Official (Print)
BURDEN ESTIMATE STATEMENT
We estimate that it will take you about two hours to complete the monthly report referred to in paragraph 11 of this Agreement. You are not required to provide the information requested unless a valid OMB control number is displayed on this form. Comments or suggestions regarding the above estimate or ways to simplify this form should be forwarded to Financial Management Service, Administrative Programs Division, Room 144, 3700 East West Highway, Hyattsville, MD 20782 and the Office of Management and Budget, Paperwork Reduction Project 1510-0073, Washington, DC 20530.
This sentence should be included in disclosure only if Institution permits additional deposits to the ETAsm.
ATTACHMENT A
OFFICER’S CERTIFICATE
RESOLUTIONS AUTHORIZING FINANCIAL INSTITUTION
AGREEMENT AND APPLICATION FOR DESIGNATION AS
FINANCIAL AGENT FOR THE OFFERING OF ETAssm
This is to certify that, at a meeting of the (Type of Governing Body, e.g., Board of Directors) of undersigned financial institution, ( Name of Institution) , a ( Type of Institution) , which meeting was duly called and held on the day of , a quorum being present, the following resolutions were duly adopted; and are reflected in the attached minutes of the meeting.
1. That, after review of the “ETAsm Financial Agency Agreement,” in accordance with 31 CFR § 208.5 and the Notice dated July 16, 1999 and published in the Federal Register at 64 FR 38510, this financial institution is authorized to apply for designation as a Financial Agent of the United States for the purpose of offering and maintaining ETAsm.
2. That of the undersigned financial institution hereby is authorized and directed to apply for designation of the financial institution as a Financial Agent for the purpose of offering and maintaining ETAssm by execution of the ETAsm Financial Agency Agreement, and to submit said agreement and application to the Federal Reserve Bank of Dallas.
3. That these resolutions and attached minutes, and the ETAsm Financial Agency Agreement, are official records of the financial institution and will be maintained continuously as such.
In witness whereof, I have hereunto signed my name and affixed the seal of this financial institution.
Name of Financial Institution
Address
Signature of Certifying Officer
ATTACHMENT B
Electronic Transfer Accounts (ETAsm)
Enrollment Form
In accordance with Paragraph 11 of the ETAsm Financial Agency Agreement, this information is being collected by the Department of the Treasury to develop an electronic listing of designated ETAsm providers. This listing will allow Federal payment recipients to ascertain the names and locations of financial institutions that offer ETAssm within the recipients’ zip code areas. Recipients can access this information through a voice response unit or the ETAsm Internet web site. In order to be accurately listed as an ETAsm provider, please complete the information requested below.
Financial Institution Headquarters Information
Name:
Address:
Customer Serivce Telephone Number:
(Optional) (The customer service telephone number is the central telephone number for public inquiries concerning the financial institution’s ETAsm offering and its branch locations. This telephone number will be published on the Internet at http://eta-find.gov.)
Primary Financial Institution Contact
(The following information will be used for Government purposes only.)
Title:
Telephone No.:
Routing and Transit Number:
(The Routing and Transit Number will be used to access branch location information for the financial institution from the National Information Center (NIC) Database of the Federal Reserve System. Note to Thrifts and Credit Unions: Your branch locations may not be included on the NIC database. Please attach a listing of all full service locations to this form so that these locations may be added to the listing of designated ETAsm providers.)
Effective Date
Effective Date:
(The effective date is the date by which the financial institution will begin offering the ETAsm to eligible recipients. The name and address of the financial institution and its branches will be posted on the listing of designated ETAsm providers as of this effective date.)