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.
Additional Resources
Page last updated: September 5, 2008
