- What is direct deposit?
- What are the advantages of direct deposit?
- When does VRS make direct deposits?
- How do I sign up for direct deposit?
- What do I do if I have already retired?
- How long before direct deposit starts?
- How do I change my bank or account number?
- What do I do if my bank merges with another bank or financial institution?
- Do I receive a statement from VRS?
- Why should I use Direct Deposit?
Direct deposit is the electronic transfer of your retirement benefit directly from VRS into your bank, savings and loan, credit union or other financial institution account each month. These funds are transferred without the use of a paper check.
- Convenient. Eliminates trips to your financial institution.
- Safe. No chance of a lost or stolen check.
- Dependable. No mailing delays.
- Immediate availability of funds
VRS makes direct deposits on the first business day of each month. If the first day of the month falls on a holiday or a weekend, VRS makes direct deposits on the last business day of the preceding month. See Direct Deposit.
The Authorization of Direct Deposit of Monthly Benefit (VRS-57) is part of your retirement application. Complete the form, attach a voided check from the financial institution of your choice and return the form to VRS with your retirement application.
If you have already retired and are currently receiving your retirement check in the mail, download the Authorization of Direct Deposit of Monthly Benefit (VRS-57), from the VRS website at www.varetire.org, complete the form, attach a voided check from your financial institution and return the form to VRS. You can call VRS toll free at 1-888-827-3847 (1-888-VARETIR), also, to request the Authorization of Direct Deposit of Monthly Benefit VRS-57.
If you are a new retiree and have submitted your retirement application (and your direct deposit form) to VRS at least three months before retirement, direct deposit begins with your first retirement payment. Otherwise, it takes 60 days from the date VRS receives your direct deposit form. You receive your check through the mail until direct deposit begins. If you have already retired, direct deposit usually begins with the second payment after VRS receives your completed direct deposit form. For example, if you send VRS a completed direct deposit form on August 10, your October 1 payment will be deposited directly into your account.
Download the Authorization of Direct Deposit of Monthly Benefit (VRS-57), from the VRS website at www.varetire.org, complete the form, attach a deposit slip with your new account information and return it to VRS. You can call VRS toll free at 1-888-827-3847 (1-888-VARETIR), also to request a new direct deposit form. VRS continues to send your retirement payment to your old account until the change is processed. VRS will send you a confirmation notice, giving you the date when direct deposit into the new account will begin.
If your financial institution is merging, complete a new direct deposit form and return to VRS as soon as possible.
You receive a statement from VRS whenever the amount deposited into your account changes.
If you receive your retirement check through the mail, you accept responsibility for any delay in availability of your benefit because of lost or stolen checks. VRS does not place a stop payment on a check until 10 days after the date the check was issued. It takes an additional seven to 10 days to issue a replacement check. If you have direct deposit, VRS guarantees that your monthly benefit is sent to your financial institution by the first business day of the month.