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Direct Deposit: Are You Aware of the Advantages?
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Due to mail service problems, 10 to 12 benefit checks
are returned to MOSERS each month. These checks must
be cancelled and re-issued, causing a delay in payment
to members. Will one of these returned checks be yours
next month? Eliminate the possibility of payment delay
by signing up for direct deposit.
What is Direct Deposit?
Direct deposit, formerly known as electronic funds transfer,
allows MOSERS to deposit your monthly benefit payment
directly into your checking or savings account on the
last working day of each month. Checks are mailed on
the same day, however, if you elect direct deposit.
You will have access to your money sooner, and will
not have to wait for the mail.
21,662 MOSERS retirees and survivors receive their
payments through direct deposit, which affords them
many advantages over paper check recipients.
Advantages of Using Direct Deposit:
- Security: Direct deposit reduces
the risk of loss, theft or forgery of benefit payments.
- Convenience: Direct deposit gives
you timely and uninterrupted deposits when you are
away from home.
- Trouble-Free: Direct deposit eliminates
inconveniences, such as standing in line or traveling
to your financial institution.
- Detailed Benefit Information: Direct
deposit gives you the option of receiving a payment
stub showing the gross and net amount of your benefit,
including itemized deductions.
- Worry-Free: Direct deposit relieves
you of the anxiety associated with the uncertainty
of mail delivery service.
Direct Deposit Has Just Gotten Even Easier!
Changes have been made to our 
Direct
Deposit Authorization form that eliminates the need
for your bank to sign an agreement. This takes a big
step out of the process. You are no longer required
to take your form to the bank for completion. We have
also eliminated the need for attaching a voided check
or deposit slip for confirmation of your bank account
and routing numbers.
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