F380 Authorization for Electronic Fund Transfer (EFT) of Monthly ... 2025

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The document is an authorization form for the Electronic Fund Transfer (EFT) of monthly retirement allowances from the New York City Employees' Retirement System (NYCERS) to a designated bank account. It outlines the necessary information required from the member and their bank, instructions for submission, and details on how the EFT process works, including conditions for error handling and account eligibility.

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Click ‘Get Form’ to open it in the editor.
Begin by entering your Member Number or Pension Number, along with the last four digits of your Social Security Number. This information is crucial for identifying your account.
Fill in your personal details including your first name, middle initial, last name, address, apartment number (if applicable), city, state, and zip code.
Indicate whether you wish to deposit your monthly retirement allowance into a checking or savings account. Ensure you read the conditions on page 2 before proceeding.
Attach a preprinted personal check or deposit slip that includes your name. If unavailable, provide a copy of your bank statement.
Have a bank officer complete their section by providing the bank's name, phone number, branch address, account number, and routing number. The officer must also sign and print their name.
Review all entered information for accuracy before submitting the form to NYCERS.

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Is a preauthorized electronic fund transfer an EFT?

What is an EFT? Electronic funds transfers (EFTs) are transactions that move funds electronically between different financial institutions, bank accounts, or individuals. EFTs are frequently referred to as electronic bank transfers, e-checks, or electronic payments.

What is a preauthorized electronic fund transfer?

Interac e-Transfers are one of the quickest ways to send money to another person or to yourself, with funds typically arriving in under 30 minutes. Money sent through e-Transfers are available immediately, unlike EFTs, which can be subject to a hold period.