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About the Financial Management Service

FMS Overview

Function: Acting as the U.S. government's money manager, FMS provides centralized payment, collection, and reporting services for the government.

  • Staffed by approximately 2,100 career civil servants;
  • Oversees the daily cash flow of nearly $50 billion into and out of federal accounts;
  • Disburses more than $1.7 trillion to more than 100 million individuals via social security and veterans' benefits, income tax refunds and other federal payments;
  • Collects more than $2.2 trillion per year in payments to the government through 10,000 financial institutions, with nearly $1.8 trillion collected electronically;
  • Provides cash management guidance to federal program agencies;
  • Serves as the government’s central debt collection agency, managing the government’s delinquent debt portfolio; and
  • Collects more than $3 billion per year in delinquent debts owed to the federal government.

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Updated September 22, 2004

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