Verify Bank Account Information

National Government Services receives numerous electronic funds transfer banking rejections each year due to frozen or closed bank accounts. To prevent interruption in Medicare payment, billing providers verify an active bank account is connected to the provider enrollment record.

To Prevent Disruption:

• If transitioning to close an EFT bank account and open a new EFT bank account, even if notified by NGS that the new account was approved, do not completely close the old account until it’s verified that the new account is actually receiving Medicare payments successfully.
  
  If EFT bank account was compromised, contact NGS customer care for additional support.
   
• When an EFT bank account has no activity over a period of time, the bank may freeze the account. Verify the account is not only open but active during the entire enrollment process until the account is receiving Medicare payment successfully.
• Inform Medicare of any change to EFT bank account information immediately by completing and submitting the necessary CMS forms and supporting documents.

NGS must verify the bank information with the authorized individual from your practice before making the necessary updates or changes. When submitting the CMS-588 Electronic Funds Transfer Agreement, provide accurate and direct contact information.

If you are terminating a Medicare enrollment, submit the appropriate CMS-855 to close the enrollment.

Related Content

• Help Prevent Bank Account Fraud

Reviewed 11/13/2024