Due to a processing glitch some 5,200 City of Atlanta pensioners were surprised to learn today that their direct deposit pension funds, may not have made it to their account at the normal delivery time. Pensioners who bank with Wachovia (the City’s primary bank) were able to access their funds today, pensioners with other financial institutions will have their funds in place by 12:01 am Wednesday morning.
“The inconvenience rests in our hands and we assume responsibility,” said Janice Davis, City of Atlanta Chief Financial Officer. “Those pensioners who experienced insufficient fund fees or overdraft protection fees will be reimbursed.”
In order to be reimbursed, the pensioners must present written documentation from their banking/financial institution that indicates payments were presented on 11/30/04 but not honored by his/her banking/financial institution. This document should include the transaction number, payee name, amount of check/transaction, and insufficient fund (NSF)/overdraft fees or charge(s).
All affected retirees will receive a letter from the Finance Department to avoid any negative impact of their credit rating and to prevent any future consequences when they present personal checks for payment.
To eliminate any similar occurrence, the City is conducting an extensive review of the process and will make the necessary adjustments.
Those who have questions should contact the Department of Finance at (404) 330-6260.