3 Reasons Direct Deposit is a Better Option
Electronic Funds Transfer (EFT) deposits your benefit directly into your bank account every month, making your payments more convenient, secure, and environmentally friendly.
It’s Convenient
With direct deposit, your funds are placed directly into your account, and you have access to your benefit when it’s deposited on the last business day of the month. This allows for a more convenient stream of accessible funds to pay bills or fund your daily expenses as the availability of your funds is scheduled and easy to plan around.
You can access your PERA monthly statements online by logging into your secure PERA account.
It’s Secure
Paper checks can get lost, stolen, or delayed in the mail. By using direct deposit, there is less risk of fraud, identity theft, or forgery. It is more confidential and secure than paper payments because fewer people are involved in the process.
It’s Environmentally Friendly
With direct deposit, funds and records are available electronically, which means less paper is used. You also use less gas because you’ll have fewer trips to the bank.
Direct deposit is fast and it’s free! You can sign up for or update your direct deposit through EFT by logging into your account. You can also complete the Direct Deposit by Electronic Funds Transfer (EFT) form. If you have questions about direct deposit, call PERA’s Customer Service team at 800-759-7372.
Inform PERA of Changes to Bank Information
With bank mergers or bank account closures it is very important to alert PERA before the change is effective. Let PERA know of any bank changes before the 15th of the month. This helps ensure a smooth transition to the new banking information and may avoid a disruption of your benefit payment. Untimely bank information changes can result in a rejection of your deposit and delayed availability of your funds.