I understand they're making some changes about the way the electronic government checks are handled. The change is a final version of rules for the Electronic Transfer Account, a new account designed for people who get their income from the federal government. Many people have made the switch because they like the safety of an automatic deposit of their funds instead of the insecurity of a check in the mailbox with the possibility of theft. Some check recipients didn't make the switch to electronic deposit because they wanted the security of that check in their hands. But others didn't change because they couldn't afford to.
Banks charge customers fees for most accounts, no matter how the money is deposited.
Individual banks may or may not allow other deposits. The account is not a checking account. We don't want to compete with banks. You are allowed to make at least four cash withdrawals and check your balance at least four times a month. Others are examining the program, Hammond said.