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Re: (fwd) Elctronic Funds Transfer Expansion Act
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In <[email protected]>, on 05/07/97 at 04:16 PM,
Damaged Justice <[email protected]> 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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