What you need to know about U.S Financial Services and Payments

 

Financial Management Service

The Financial Management Service (FMS), one of thirteen bureaus of the
Department of the Treasury, disburses more than $1.5 trillion for greater than
950 million federal payments such as social security and veterans’ benefits and
income tax refunds. Furthermore, FMS collects extra than $2.6 trillion in
federal revenues, oversees a each day cash go with the flow of $58 billion, offers centralized
debt series services to most federal agencies, and affords government-
wide accounting and reporting.

FMS has about 2,100 employees, one-third of whom are positioned in four
Regional Financial Centers (RFCs) where electronic dollars transfer and paper
check repayments are issued. The RFCs are positioned in: Austin, Texas; Kansas City,
Missouri; Philadelphia, Pennsylvania; and San Francisco, California. As a
result of the increase in EFT repayments and the corresponding decline
decline in the quantity of test payments, FMS closed the Chicago
RFC in 2000. Additionally, FMS has one Debt Collection Center located
in Birmingham, Alabama. All FMS employees, along with the Commissioner,
are career civil servants.

2 – Financial Management Service
Payments
FMS is the fundamental disbursing agent of the federal government. Each year,
FMS problems greater than 950 million payments, or approximately 85% of all
federal payments, in excess of $1.5 trillion. These consist of social security,
veterans’, Office of Personnel Management federal revenue and retirement,
railroad retirement, earnings tax refund and seller payments.
In 1996, Congress handed a rules requiring that most federal payments be made
by Electronic Funds Transfer (EFT). Treasury’s pinnacle precedence is to furnish the
best viable provider to men and women receiving federal payments and EFT is an
excellent way to supply this service. EFT is secure, reliable, and convenient.
EFT repayments cannot be lost, stolen, or forged. Recipients who receive EFT
federal payments do now not have to go to their financial group to cash or
deposit their checks. Also, EFT will save the taxpayers larger than $100
million a 12 months because the value to difficulty an EFT fee versus paper check is
so a true deal less.
Currently, Treasury provides direct credit to humans with an account at a
financial institution and banks are now imparting the Treasury-designed
Electronic Transfer Account (ETA) for persons who do no longer currently have
a financial institution account to get hold of federal wage, salary, retirement or gain payments.
FMS’ Electronic Money (E-money) Program is checking out new rate and
collection applied sciences the use of the Internet and card technology, as good as
related technologies such as digital signatures and biometrics. To assist federal
agencies modernize their rate and collection activities, FMS has numerous
E-money pilots consisting of saved price cards used on navy bases and in
government hospitals, electronic checks, point-of-sale test truncations, and
the Internet savings card sequence program.
Congressional Staff Handbook –

 

Frequently Asked Questions
1. If I obtain navy retirement repayments from the
Department of Defense and have a query about a
payment, do I contact FMS?
No. Contact the Department of Defense considering that the Defense Finance and
Accounting Service (DFAS) determines the timing and amount of your
payment and also problems your payment.
The toll-free number for questions touching on to military retiree payments
for all Services is 1-800-321-1080.
2. I have acquired a federal charge from Treasury and do not
know why I obtained the payment. How can I find out who
sent the charge and why it was once issued?
To decide if a payment was disbursed by using Treasury, contact the
Treasury Regional Financial Center (RFC) that issued the payment. For
identification purposes, the metropolis and country for every RFC is printed on the
check. For electronic payments, contact your economic institution for the
RFC symbol variety which is blanketed on the information accompany-
ing the payment.

 

3. What need to I do if I my federal payment is lost or stolen?
This occurs very rarely. If you do no longer get hold of your payment, you
then contact the federal corporation from which you expected the fee

 

4. I have a new tackle and have changed banks. What do I
need to do to make sure my repayments continue?
Contact the federal corporation which pays you. They keep your charge
records and will replace your files to replicate the new information. Do
this without delay to keep away from any feasible delays in your receiving payments.
If you are receiving your repayments by means of direct credit and have EITHER
changed your financial institution or truly opened some other account at your equal bank
where your federal repayments are deposited, you have to IMMEDIATELY
advise the federal employer of this trade so that future repayments are
correctly credited to your new financial institution and/or account. You leave
your historic account open until your payments start arriving at your new
account.

5. What I do if a relative dies who was receiving advantage
payments from the federal government?
IMMEDIATELY notify the fantastic federal advantage organisation at the
toll-free number above. (See question #4) Your immediate interest to this
matter will decrease any liability for you or your relative’s monetary
institution. You ought to additionally send the federal company and relative’s financial institution
written documentation of the death. This will also help decrease any
liability for unentitled payments.

6. How long can I wait to cash a Treasury check?
Current law requires that Treasury checks be negotiated within one 12 months
from the date of issuance. If you have a take a look at that is extra than one year
old, contact the federal corporation with which you have a business relation-
ship (example: Social Security Administration). They will lookup your

inquiry and trouble you a alternative payment.
Financial Management Service

Updated: March 12, 2022 — 11:01 am