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 accommodate 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.
 

Payment timeline

  • Ongoing monthly insurance premiums - generally payments will be deposited into your bank account the last Friday of the month. It may be possible for your insurance provider to deduct the monthly premium from the same bank account. Please contact your provider for more information.

  • 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.

  • If you do not elect direct deposit - a paper check will be mailed to you. Assume mail time will add an additional 5 to10 days to the timeline described in the previous two bullet points.

 

Making changes to the direct deposit information you have on file with MSRS

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

  • If you change accounts/account number but it's the same financial institution, call MSRS to update your information or complete a Direct Deposit Agreement form and submit to MSRS.