What are the benefits of participating in Electronic Payments?
It’s Easy – Receiving your payments electronically (Electronic Payments) eliminates check handling and manual deposits. The money is credited directly to your account, ready for you to use. There are no additional steps for handling the payment (like mail rooms, the post office, etc.) where checks can be misdirected or lost. It’s Fast – With Electronic Payments, State payments go directly from the Office of the State Comptroller (OSC) to your account. It’s Secure – Electronic Payments uses the Automated Clearing House (ACH) network – the same system your bank uses to handle transactions with other banks. When electronic payments are credited to your bank account, the funds become immediately available for payments or investments. Timely Notification – If you use the e-mail notification option to assist in your daily cash management, you’ll know in advance when the payment will be made.
• It’s Easy! – Sending your monthly retirement payments electronically (Automated Clearing House) gives you more control over the timeliness of your payments. The money is directly credited to your Retirement Monthly Report, thereby eliminating the additional steps for handling (like the mail rooms, the post offices, etc.) where checks can be misdirected or lost. • It’s Fast! – With electronic payments, your monthly retirement payment is debited directly from your bank account (after an e-mail notification to you). • It’s Secure! – Electronic Payment uses the Automated Clearing House (ACH) network, the same system your bank uses to handle transactions with other banks. • What notification will I receive that an electronic payment will be taken? • You will receive an e-mail notification from the Retirement System. This e-mail notification will give you a two-day advance notice of an electronic debit from your account. This feature can assist you in your cash management process. • Can I
