MercedCERA requires for retirees and their beneficiaries to
enroll in automatic direct deposit of their pension benefits.
Member’s retirement payment is automatically deposited into
their designated bank account on the last business day of
each month. Periodically, members or their beneficiaries will
update their direct deposit payment instructions.
With the rise of identity theft and fraudulent bank account
submissions affecting financial institutions worldwide,
MercedCERA must make changes to our internal procedures to better
secure member payments and the overall financial integrity
of our fund. Therefore, MercedCERA staff will be completing
additional identity validation upon the receipt of an updated
direct deposit banking form. Below are the new validation
requirements:
- Members must submit a voided check, savings account statement
or signed certified letter from their banking institution with
the new banking account information.
- Forms will no longer be accepted by email. They can be
submitted in person, by standard mail or via MercedCERA’s secure
file link.
- Forms received in person by the 15th of the month will be
validated and approved immediately. Forms received in
person after the 15th of the month will be approved the following
month.
- Forms received by mail or through MercedCERA’s secure file
link and validated by staff before the 15th of the month will
receive a check payment for that month. Forms received after the
15th of the month will be issued a check payment the following
month.
Members sent a check payment will receive it via certified mail.
Soon after receipt, they will be contacted by MercedCERA
staff to confirm receipt. Upon confirmation, the updated direct
deposit banking instructions will be approved, and automatic
direct deposit payments will resume.
