Electronic Funds Transfer (EFT)

Electronic Funds Transfer (EFT) allows Medicare to transfer payments directly into the provider’s bank account. The Electronic Funds Transfer (EFT) Authorization Agreement (CMS-588) form is required for new provider enrollments, and for enrolled providers who are not already on EFT, and request an enrollment change. The CMS-588 EFT form must be submitted with the CMS-855A enrollment application.

The Electronic Funds Transfer (EFT) Authorization Agreement (CMS-588) form includes step by step instructions. For additional assistance, follow these guidelines:

Include a voided/cancelled check from the account you wish Medicare payments to be transferred. Deposit slips are not acceptable as the necessary routing number is not always accurate. If not available, submit a confirmation of the account on bank letterhead that includes the following:
- name of the account;
- electronic routing transit number;
- account number and type; and
- bank officer’s name and signature.
The depository must be a banking institution; it cannot be a brokerage house or mutual fund.
The legal business name of the provider or the chain home office name must match the name on the account.
Original signature and date. Signature must be by the same authorized official that signs the enrollment application.
Provider names and addresses listed on the EFT agreement must match the data on the CMS-855A enrollment application.
Provider name, address, and bank information listed on the CMS-588 EFT form must be correct and match the voided/cancelled check or bank confirmation letter.
Provider must have sole control of the bank account. This is required for the EFT to be approved.