M E M O R A N D U M

IM-174  12/04/00  DIRECT DEPOSIT


SUBJECT:
DIRECT DEPOSIT/MISSOURI FINANCIAL INSTITUTION PRODUCT SUMMARY
 
DISCUSSION:
The State Treasurer's Office has updated the summary of all low cost and no-cost bank and credit union accounts offered by Missouri financial institutions.  This year the updates include a variety of accounts together in one book.

Attached are copies of the 2000 Missouri Financial Institution Product Summary pages for your county and surrounding counties.  Review the products available, along with the instructions for using this information.

Along with a bank account, direct deposit provides additional benefits to Temporary Assistance participants.

  • Temporary Assistance cash benefits are available in the participant's designated account on the morning of the first day of the month.  The majority of participants will have their cash benefits available a few days earlier with direct deposit than with the staggered EBT benefits.  An important advantage for the participant.
  • Direct deposit is less expensive and more beneficial to the participant.  There is no charge for using the ATM card at the participant's local bank.  Using the EBT card includes added fees.
It is very important that Temporary Assistance participants understand the value of having a personal bank account, and using direct deposit for their cash benefits.  Included along with the summary is a handout that describes the top 10 reasons for having a bank account that you may share with participants.

For participant's unable to be approved for an account due to bad credit or other problems, refer them to the local Community Action Agency for assistance.
 
NECESSARY ACTION:
  • Review the memorandum with appropriate staff.
  • Keep a copy of the attached Missouri Financial Institution Product Summary readily available to the reception area of your office.
  • Order additional copies of needed pages of the above summary from Iva McDaniel, State e-mail MCDATFY at DSSDS02, or photocopy pages you need.
  • Discuss using direct deposit with all applicants and participants in cash assistance programs.
  • Provide copies of appropriate pages of the summary to any applicant or participant who requests direct deposit information.
DC/GZ
Attachments not available on line.
Distribution #6

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