Electronic Funds Transfer
Electronic Funds is a faster, safer, more reliable, and convenient way to receive your payments!
For this reason, the Electronic Funds Transfer Expansion Act recommends that all federal payments, except your IRS refund check, be issued by electronic funds transfer (EFT).
It affects anyone who receives:
- Veteran's Benefits
- Social Security
- Federal government /military pensions and salaries
If you are a new recipient of federal payments, you may elect to provide the account information needed to deliver your payments by Direct Deposit to an institution of your choice.