Receive faster payments, eliminate worry about lost or stolen checks and avoid trips to the bank by having your workers' compensation benefits deposited directly to your bank account.
Direct Deposit FAQs
- Who is eligible for direct deposit?
Most claimants and beneficiaries who receive workers’ compensation benefits are eligible for direct deposit. Direct Deposit is not available for Aggregate Trust Fund or guardianship cases at this time, but look for more information this spring on increased eligibility.
- What type of bank account do I need?
You can use any checking or savings account in any banking institution in the United States. Foreign bank accounts may be eligible depending on the bank's routing procedures. You will need your bank account number and the bank's routing number to enroll.
- How do I enroll in the program?
Complete, print, sign and return the direct deposit application to:
Document Control Center
New York State Insurance Fund
1 Watervliet Ave. Ext.
Albany, NY 12206-1649
Please note you must provide a valid email address on your application.
- How long will it take to get direct deposit?
NYSIF needs approximately five business days to transmit payment to your bank account after we receive the application. You will receive a paper check until the direct deposit process is approved.
- Will I be notified by NYSIF or the bank?
No. Your monthly bank statement or online bank account will verify the direct deposit transaction.
- Will funds be available on a holiday?
Funds take approximately three days to post to your account once NYSIF transmits payment. If it’s a bank holiday, your payment will post on the next business day.
- What if I want to cancel direct deposit?
Contact your case manager to cancel direct deposit at any time. It may take another cycle of payments to stop this transaction, after which your next scheduled compensation payment will be mailed to your home address.
- What if I move?
Always notify your case manager if your home address changes. However, moving will not affect your direct deposit unless you close or change bank accounts. If you change bank accounts, notify NYSIF and complete a new application to continue direct deposit. Not informing NYSIF may disrupt your payments.