Print Workers’ Compensation Electronic Funds Transfer (EFT) for Claimants and Beneficiaries NYSIF can pay your workers’ compensation benefits either by paper checks mailed to your home or by Electronic Funds Transfer (EFT) directly into your bank account. FAQs on NYSIF Electronic Funds Transfer (EFT) Program Who is eligible to participate in the EFT Program? Most claimants and beneficiaries who receive workers’ compensation benefits are eligible for EFT, a fast and convenient type of direct deposit. EFT is not available for Aggregate Trust Fund or guardianship cases. Please refer to your assigned case manager to see if your claim meets the requirements for EFT before applying. What type of bank account does the participant need? Any checking or savings account in any type of banking financial institution in the United States can be used. Foreign bank accounts may be eligible depending on the bank’s routing procedures. What do I need to do to participate in the program? Complete the EFT application with the required information. Fill out online and print the EFT application. Claimant address information Social Security Number, For a Death Claim both Claimant’s and Beneficiary’s SSN NYSIF claims number Bank account number* Bank routing number* Indicate checking or savings account * Copy these numbers from one of your checks. To help you find the numbers you need, view a picture of a sample check.Sign the application (If you have a joint checking account, the signature of the joint account holder is also required.)Mail the completed application to:New York State Insurance Fund Attn: Customer Service Dept. 15 Computer Drive Albany, NY 12205 Or fax completed application to:NYSIF CUSTOMER SERVICE 518-437-1849 How long will the process take to get EFT? From the time NYSIF receives a completed EFT application, it usually takes five days for your first EFT payment to be transmitted to your bank account. You will receive a paper check until the EFT process is approved so there is no lapse in payment. After the first EFT payment, you will receive your workers’ compensation benefit payments regularly, every two (2) weeks and usually within three days of transmittal by NYSIF into your account. Do I receive anything from NYSIF or the bank? No, you will not receive anything from your bank or NYSIF indicating that the EFT process has been successful and your funds are available in your account. Your monthly bank statement will be your record of transaction. You may check online to see if NYSIF transferred your payment into your account. What happens if my funds are supposed to be available on a holiday? Once NYSIF transmits payment to your bank, it takes approximately three days to post to your account. Should that date fall on a bank holiday, your payment will post on the following business day. What happens if I want to cancel EFT? You can cancel EFT at any time. Just call or write NYSIF and request to be taken off EFT. It may take another cycle of payments to stop EFT after which your next scheduled compensation payment will be mailed to your home address. What happens if I move? You should always advise your case manager if you move and of your address changes. Moving to a new address will not affect your EFT transactions unless you close or change bank accounts. If you want to continue EFT and change banks or account numbers, you need to inform NYSIF immediately and complete another EFT application with the new information. Not informing NYSIF may disrupt your payments. It will take approximately five days to create an EFT for a new account once NYSIF approves your new application. Why should I use EFT? You will receive your payments faster. There’s no worry that your check can get lost, delayed, or stolen in the mail. It’s also more efficient and less hassle for you. There is no driving to the bank and standing in lines waiting to cash or deposit your check.