(fwd) Elctronic Funds Transfer Expansion Act

>From Post Office Credit Union' _Credit Union Post_, Spring 1997:

Congress recently passed a law making it mandatory to receive government
payments by direct deposit to a financial institution. It's called
"Electronic Funds Transfer Expansion Act," and it requires all federal
payments, except an IRS refund check to be issued by electronic funds
transfer (Direct Deposit).

It will affect anyone who receives veteran's benefits, Social Security,
federal government and military pensions and salaries, or any government
payment. Members who have their payments sent to Post Office Credit Union
will have _immediate access_ to their money.

So what are you waiting for? If you don't already have direct deposit,
consider signing up for it. It's not only easy, convenient, and safe, it
will soon be mandatory for all!

Give us a call at 244-3518 to take advantage of direct deposit today!

--
[The] "Electronic Funds Transfer Expansion Act".. requires all federal payments
except an IRS refund check to be issued by electronic funds transfer. So what
are you waiting for? If you don't already have direct deposit, consider signing
up for it. It's not only easy, convenient, and safe, it will soon be mandatory
for all! [Post Office Credit Union' Credit Union Post_, Spring 1997]

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In <199705072216.SAA25634@yakko.cs.wmich.edu>, on 05/07/97 at 04:16 PM,
   Damaged Justice <frogfarm@yakko.cs.wmich.edu> said:


>>From Post Office Credit Union' _Credit Union Post_, Spring 1997:

>Congress recently passed a law making it mandatory to receive government
>payments by direct deposit to a financial institution. It's called
>"Electronic Funds Transfer Expansion Act," and it requires all federal
>payments, except an IRS refund check to be issued by electronic funds
>transfer (Direct Deposit).

This is nothing new. They did this to the Military Payroll back in the mid
1980's. Most if not all civilian Fed workers are already receiving DD
payments.

Their has been a long time desire by the Feds to move us to a cashless
society. No checks, No cash, no coins all electronic transfers. This is
just one more step in that direction.

While from an economic standpoint there are many reason to do this as it is
much cheaper to move bits than to move pieces of wood pulp. From a
security/privacy standpoint there are just as many reasons *not* to do
this. Smart Cards, Debit Cards, Credit Cards, ... et al. will not support
anonymous transactions. The current power brokers will not give up control
of the money regardless of what form it takes.

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