About the Agency Priority Goal
Did You Know?
- Since the DCIA of 1996, Federal agencies have been required to send payments electronically.
- In FY 2019, nearly 50% of problems with Treasury-disbursed payments were about paper checks even though checks constituted only 5% of all Treasury-disbursed payments.
- Through July FY 2020, Fiscal Service disbursed 1.2 billion payments, totaling more than $3 trillion.
- Despite a high EFT rate of 98%, Treasury still printed more than 38 million paper checks through July FY 2020.
- Paper checks take days to arrive in the mail and can require added time to cash or deposit, but electronic payments arrive on time, every time on the payment date.
- Each conversion from check to EFT creates significant savings for the US taxpayer.
- Electronic payments are faster, cheaper and safer than paper checks.