Direct Deposit

Direct deposit is the safest, fastest, and most convenient way to receive your payment. Payments are made directly to your financial institution.

To set up your direct deposit, complete a Direct Deposit Agreement. Once direct deposit is set up, all future HCSP reimbursements payments will be made to your financial institution.

If you receive an MSRS pension benefit monthly payment:
Our system can only accomodate one payment type (check or direct deposit) and if direct deposit is selected, only one bank account number. Therefore, you must use the same payment method for both your HCSP reimbursements and MSRS monthly pension benefit payment.
 

If you do not want direct deposit, a paper check will be mailed to you; however, assume an additional 5 to 10 days to receive the check.

 

Direct deposit of  ongoing monthly insurance premiums
If you elect ongoing reimbursements of monthly insurance premiums, payments will be deposited into your bank account the last Friday of the month. It may be possible for your insurance provider to deduct your monthly premium from the same bank account. Please contact your provider for more information.


Direct deposit of other healthcare-related expenses
If using direct deposit, assume deposit will be posted to your bank account 7-10 business days after the date MSRS receives your paperwork.

 

Making changes to your direct deposit account

  • If you change financial institutions, you must complete and submit a new Direct Deposit Agreement  form.

  • If you change accounts at the same financial institution, call MSRS to update your information or complete and submit a Direct Deposit Agreement form.