The Reserve Banks make disbursements from the government’s account through Fedwire funds transfers or ACH payments, or to a limited extent, by check. Fedwire disbursements are typically associated with, but not limited to, the redemption of Treasury securities. Certain recurring trans- actions, such as Social Security benef it payments and government employee salary payments, are processed mainly by the ACH and electronically deposited directly to the recipients’ accounts at their depository institutions. Other government payments may be made using Treasury checks drawn on the government’s account at the Reserve Banks. The Treasury continues to work to move the.
