Electronic Funds Transfer Account Improvement and Recipient Protection Act

Electronic Funds Transfer Account Improvement and Recipient Protection Act - Amends Federal law to mandate that the head of each Federal agency that disburses retirement or benefit payments give the recipient written notice of available consumer protections with respect to electronic funds transfer, including the right to elect whether or not to receive those payments by electronic funds transfer to an account established for the recipient by the Secretary.

Prohibits the agent designated to receive a recipient's transfers from imposing a transaction fee exceeding the national average charged to all consumers for similar transactions. Requires such agent to permit five such transactions each month without charge. Treats violations of such requirements as violations of the Electronic Funds Transfer Act.

Directs the Secretary of the Treasury, acting through the Financial Management Service, to report to the Congress on the implications of the year 2000 (Y2K) computer problem for implementation of Federal requirements that Federal payments be made by electronic funds transfer.

Expresses the sense of the Congress that the Commissioner of Social Security and the Secretary of Veterans Affairs should ensure that personnel of their agencies are fully trained to respond to telephone inquiries regarding all alternatives for receiving Federal payments by electronic funds transfer or other means.