ELECTRONIC FUND TRANSFER (EFT)
or DIRECT DEPOSIT
About EFT | Starting EFT | Changing Banks or Accounts | EFT Schedule and Information
ABOUT ELECTRONIC FUND TRANSFER
Electronic Fund Transfer (EFT) — also known as Direct Deposit — provides for the automatic deposit of your monthly retirement benefit payment to your bank account. Because the deposit of your retirement benefit payment occurs automatically, you will not have to
make a special trip to the bank just to cash your retirement
benefit check, and your retirement benefit payment can never get
lost or stolen in the mail.
STARTING EFT/DIRECT DEPOSIT
Signing up for EFT/Direct Deposit of your retirement benefit payment
is easy, especially when you use the “Electronic Fund
Transfer” Application in the
Member Benefits Online System (MBOS).
CHANGES TO YOUR ELECTRONIC FUND TRANSFER
If you change banks or accounts you can easily update your Direct Deposit or EFT authorization.
Note: If changing banks or accounts, be sure to keep the old account open until EFT processing is fully completed and you see the benefit payment deposited in the new bank or account.
ELECTRONIC FUND TRANSFER
Transfer effective dates are normally on the
first day of the month, unless the first falls on
a Saturday, Sunday, or State holiday.
These fact sheets contain additional information related to your pension benefit payment.