For many years if you were a Retired Veteran or Servicemember receiving a military retirement or annuity and you lived overseas things were difficult.? You could not enjoy the easy access or benefits of direct deposit in that case. Well this is changing it recently became possible to enjoy direct deposit if you live in some overseas locations.? The first phase of the Direct Deposit for International Customers was sent to people living in Canada, France, Australia, Germany, and England in 2005.? Now those who have retired from the United States military and annuitant that are receiving pay and who live in these overseas locations can have their payments sent monthly to their local banks.
Phase two began in 2006, in February. Enrollment information was mailed to people living in thirty-eight other countries. The International Direct Deposit program will take your pay or annuity payment and deposit these funds electronically into your bank account.? This normally occurs on the 1st business day, similar to stateside Direct Deposit. A problem associated with paper delivery including stolen or lost checks, delayed checks or mis-routed checks is avoided with the new program.
When receiving the new enrollment packets, it is important to take care and time to fill them out correctly.? Each packet should have a return envelope, enrollment form, and instructions on how to fill them out, and they should be placed into the return envelope and mailed upon completion.
Mistakes or typographical errors may happen, but it is certain that if they do it will delay your enrollment. If possible its best to type your enrollment form when preparing.
Annuitants and retirees living abroad and receiving pay in forty-three countries can currently access the International Direct Deposit program.? If you live in a country that is not yet on the list for IDD and would like to participate in the program, you should send a written letter of inquiry to:
Federal Reserve Bank
New York Federal Reserve
International Treasury Service
East Rutherford Ops. Center
100 Orchard Street
East Rutherforld, NJ 07073? USA
Those retirees and others living and receiving pay outside the continental United States have often had slow pay delivery and extra expenses in currency conversion. Often these people have also had to endure wire transfer fees.? With this new program your retirement pay is deposited in the money or currency featured where you live.