My Account Has Been Compromised
Most of us have experienced that “uh-oh” feeling when we look at a bank or credit card statement and see charges we don’t recognize – or we get a call from the bank asking us about a high-dollar transaction. If this happens to you, you may be advised to close your checking account and open a new one. When people do this, they often forget to ask about what happens to their EFT (Electronic Funds Transfer Authorization) deposits.
What Should I Do If My Pension Check Is Automatically Deposited Into My Checking Or Savings Account?
If you are receiving a pension payment via EFT from the PWGA and your account has been compromised, let us know what’s going on and we will help you in any way we can. The PWGA can be reached by calling (818) 846-1015 or by email at: [email protected].
If you call, ask to be connected to the Pension Benefits Department and someone there will be glad to assist you.
Process
If you decide to close your current bank account and then open a new one, you will need to arrange to have existing funds transferred to the new account and also ensure that future EFT deposits are made to the new account, not the old one.
While it’s simple enough to transfer existing funds, if there is a pension deposit pending that hasn’t yet cleared your bank, let the PWGA know and we may be able to reissue the payment to you in the form of a check.
If an EFT deposit hasn’t yet been received by your bank (For example, it’s the 30th day of a 31-day month and the check is in our processing queue, but hasn’t yet been issued), or is still pending at the bank, we can void it and then send you a replacement check.
If you want, you can include us in a three-way-call to the bank, and we will assist you to help straighten things out.
First Things First
One of the first things a Pension Participant should do, after immediately calling your bank, and contacting the PWGA, is to obtain a new Electronic Funds Transfer Authorization Form (EFT). You can go here to obtain the EFT form.
Because of the sensitive nature of your personal information, if you decide to scan and email the EFT form, use only the secure email account which we make available through our website here or you may Fax it to (818) 526-6571.
If you prefer, you can hand-deliver your information to the PWGA offices (parking is free; we validate):
Summary
Time is of the essence. The most important thing to do once you discover there is a problem with your account is to quickly:
- Contact the bank.
- Contact the PWGA.
Some banks are more cooperative than others, but the PWGA will be glad to do anything it can to help you get your account issues sorted out. If you want to have a conference call with you and your bank, we will be happy to assist you in resolving any issues with your pension.
If you want help, please contact us. We’re here to be your trusted guide.