Frequently Asked Questions

Q: About Retirees Who Are Considering Closing Their Checking Accounts

A: HMEPS would like to remind retirees who are signed up for direct deposit to be sure and notify HMEPS before they close their current bank accounts. Why? If you fail to notify HMEPS before you close or change an account and HMEPS sends your pension check to the old account it will get returned – and you will not receive your funds.

The proper procedure for closing or changing a direct deposit account is:

1. First notify the bank that you would like to close the account. They can work with you and keep the account open until you have opened another account.

2. Notify HMEPS that you are closing the account and what your plans are for opening another. HMEPS can then make arrangements to send your check to another location until you have had time to open another account.