If you’re planning to choose a new bank to electronically receive your monthly retirement payments from the Teachers’ Retirement System, keep in mind the following so that you can avoid suspension of your Electronic Fund Transfer (EFT).
At least 45 days before closing your original bank account, you should submit to the TRS an EFT Authorization Form (code BK58) providing information about your new bank. You should not close your original bank account until you are receiving payments in your account at the new bank; EFT at your new bank should resume 15 to 45 days after the TRS receives your correctly completed authorization form. (You would also need to file an authorization form if your bank closes or merges, or if your account number changes).
If the TRS is unaware that you changed banks, your EFT payment will not be credited and your EFT will be suspended. The TRS will then attempt to contact you, by phone or letter, about the suspension (another good reason to keep your telephone and address information updated at the TRS).
Once the TRS receives confirmation from you, it will send your payments by paper checks to your home address. (The TRS requires that you be contacted to guard against check fraud). You would continue receiving paper checks until you file an EFT Authorization Form.
Questions about EFT should be directed to the TRS’ Member Services Center at 888-8-NYC-TRS or the UFT Retiree Pension Department at 212-598-9536.