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Posts Tagged ‘electronic payment’

Department of Treasury Mandatory Use of Electronic Fund Transfer (EFT) System or Direct Express® Debit MasterCard® Program

U.S. Treasury regulation (31 CFR Part 208) requires that on or after May 1, 2011, all recipients applying for or receiving benefits from a Federal agency by paper check, must be informed by the agency that they are required to receive their payments electronically.  Their choices are either via electronic funds transfer or Direct Express ® Debit MasterCard® issued by Comerica Bank. If the claimant does not provide VA with their banking information to allow their federal benefits to be sent directly to their bank, they will receive their initial VA benefit in the form of a paper check, for…

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