NYSIF Sought Banking Partners for Injured Workers
New York workers' compensation recipients may gain faster access to benefit payments through new low-cost account partnerships.
Updated on Sept. 29, 2026 in Banking
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Should insurance providers partner with nonprofits to offer unbanked injured workers low-cost bank accounts?
The New York State Insurance Fund has issued a Request for Information to financial institutions to connect injured workers with low-cost, Bank On certified accounts. This initiative aims to reduce reliance on paper checks for those receiving workers' compensation benefits.
Why it matters
Unbanked workers often face significant delays receiving paper compensation checks and may incur extra fees to cash them. Moving to direct deposit with certified accounts can protect the full value of these benefits and provide faster access to funds.
Switching to direct deposit can speed up compensation payments by 7-10 days compared to mailed paper checks. Since 2022, NYSIF has seen an 81% increase in direct deposit enrollment among its workers.
The players
New York State Insurance Fund
The state's largest workers' compensation insurance provider.
CFE Fund
A non-profit organization that leads the Bank On movement to expand access to safe and low-cost bank accounts.
The details
NYSIF is partnering with the CFE Fund to identify barriers and connect recipients to accounts that meet national Bank On Standards. These certified accounts are available at more than 46,000 branches nationwide, representing two-thirds of the national deposit market. By leveraging same-day ACH technology, the fund has already processed over 2 million payments as of early 2026.
Timeline
2015: The CFE Fund began leading the Bank On movement.
2022: NYSIF began its direct deposit campaign.
Start of 2026: NYSIF surpassed 2 million same-day ACH payments.
April 2026: NYSIF launched a financial education campaign.
September 29, 2026: NYSIF issued the Request for Information.
Money Landscape
This effort aligns with the broader Bank On National Standards, which establish baseline features for consumer-friendly accounts. It builds upon a decade-long shift toward digital disbursement that has reached over 46,000 bank branches nationwide.
Injured workers should contact their case managers to verify their current payment method and confirm if they are eligible for direct deposit. Consult with a qualified financial professional to determine if a low-cost, certified account meets your specific household banking needs.
The takeaway
Using direct deposit for workers' compensation can help secure your funds faster while avoiding the costs associated with paper check services. Injured workers should keep an eye on upcoming communications from their insurer regarding new banking options that may simplify their benefit receipt.
Further reading
Learn more about managing your accounts by visiting Banking.
More information
For more information, visit the NYSIF official website.
Live Poll
Should insurance providers partner with nonprofits to offer unbanked injured workers low-cost bank accounts?
