These funds are transferred without the use of a paper check. Direct deposit is convenient. Because VRS sends the funds directly into your account, there is no need for you to make a trip to your financial institution. Direct deposit is safe. Because your retirement benefit is sent directly into your account, there is no chance of a lost or stolen check.
Direct deposit is dependable.
Because VRS transfers the funds electronically, there is no mailing delay. Your money is immediately available. VRS makes direct deposits on the first business day of each month. If the first day of the month falls on a holiday or a weekend, VRS makes direct deposits on the last business day of the preceding month. Complete the form, attach a voided deposit slip or voided check from the financial institution of your choice and return the form to VRS with your retirement application.