![]() The process of changing your direct deposit from one account to another takes approximately two months to complete. ![]() Please note: You should not close your old account until the first deposit has been made to your new bank or you receive a retirement check at home. to another bank or to another account within the same bank, complete and return a new Direct Deposit Authorization form.To transfer your existing direct deposit of your retirement or survivor benefit Even if you are on direct deposit, you must keep us informed of any change in address, so that you will receive direct deposit statements, 1099-R tax form and other mailings from us.Members who retired prior to Novemand who currently receive paper checks can sign up for direct deposit at any time. Pursuant to 807 CMR 18, Massachusetts law now requires MTRS members who retire after Novemto receive their benefits via direct deposit. ![]() If you are still receiving your payment via check, consider changing-over 95% of our benefit recipients now receive their retirement allowance through direct deposit! To sign up for direct deposit, simply download our Direct Deposit Authorization Form or call our main office at 61 to request a copy. You don’t have to worry about your check being stolen or lost in the mail, or having to cash the check on your own. About direct deposit (Electronic Funds Transfer/EFT)ĭirect deposit is a safe, convenient way to receive your retirement allowance.
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