- Electronic deposits are safe, secure, and simple, and they eliminate the risk of lost or stolen pension checks or postal delays.
- 8 out of 9 payment delays are due to paper checks!
- More than one in every 200 paper checks is delayed, usually because of postal issues. Checks can also be lost or stolen.
- Fewer than one in every 4,000 EDD payments is delayed.
- Your pension benefit is transferred to your account on the first business day of each month and your funds are available sooner than if you had to cash or deposit the check.
- No more waiting until as late as the 7th of the month for a check.
- No more unnecessary trips to the bank to cash or deposit your check.
- The deposit will be shown on your monthly statement, just like any other deposit.
- You also can confirm the deposit through other methods such as telephone banking, automated teller machines (ATMs), or computer banking services.
- Use our online service to apply for or update direct deposit
- Print, fill out, and mail Form 710 Application for Electronic Deposit. Instructions and mailing address are included on the form.
- Call PBGC's Customer Contact Center to apply for or update direct deposit.
- Call at 1-800-400-7242. For TTY/ASCII (American Standard Code for Information Interchange) users, call the federal relay service toll-free at 1-800-877-8339 and ask to be connected to the number above.
- Remember to have the following information on hand so that the customer service representative can complete the transaction:
- Social Security number,
- plan name
- 8-digit PBGC case number
- Your bank's name and address (direct deposit is not available for banks outside the U.S.)
- Your account number (your name must be on the account)
- Your account type (savings or checking)
- Your bank's routing number as shown on your personal check (see example below)