Are you receiving your benefits via direct deposit?

May has been officially designated as Direct Deposit month. The goal of Direct Deposit Month is to promote the use of this safe and efficient way of receiving funds. With direct deposit, money is directly sent to an individual's checking or savings account. No paper check is involved in this process. Millions of individuals receive their paychecks, Social Security payments, tax refunds, retirement fund distributions and pension payments via direct deposit.

All NEBF pension recipients who were approved for benefits as of May 1, 2003 are required to use direct deposit. Any bank, credit union, or other financial institution that is a member of NACHA can electronically receive your NEBF pension benefits directly from us.

Please click here if you need to complete a Direct Deposit Authorization form.

Below are some Frequently Asked Questions regarding direct deposit.

How does direct deposit work?

When we receive your completed Direct Deposit Authorization form, we then process your benefit payment electronically—also known as an Automated Clearing House (ACH) transaction—to your financial institution. Your account is then credited and the payment reported on your monthly statement.

What are the benefits of direct deposit?

Direct deposit is a safe and convenient way to receive your monthly benefits. Direct deposit payments pass through fewer hands than paper checks. You don't have to worry about your check getting lost in the mail or making a special trip to the bank. And you don't even have to be in town to receive your money!

With direct deposit you have quicker access to your money as you don't have to wait for checks to clear. The money also stays in your account longer, possibly earning more interest on your money.

What if I change banks?

If you switch to another financial institution, send us a new Direct Deposit Authorization form. You can download one here. After we receive and review your new form, your next monthly benefit payment will be sent to your new account.