What is CMS 588 form?

Per 42 CFR 424.510(e)(1), providers and suppliers are required to receive electronic funds transfer (EFT) at the time of enrollment, revalidation, change of Medicare contractors or submission of an enrollment change request; and (2) submit the CMS-588 form to receive Medicare payment via electronic funds transfer.

Where do I send my CMS 588 form?

Submit the most current CMS-588 EFT Form….CMS-588 EFT Form Instructions and Helpful Hints.

Regular Mail Overnight Mail
WPS Government Health Administrators Provider Enrollment P.O Box 8248 Madison, WI 53708-8248 WPS Government Health Administrators Provider Enrollment 1717 W. Broadway Madison, WI 53713

How to update EFT with Medicare?

To change your current EFT information, please complete an EFT Authorization Agreement Form (CMS-588). Under section 1, check the box for change to current EFT enrollment. The EFT authorization agreement form is in the Enrollment Center of our website.

What is EFT authorization form?

Electronic Funds Transfer (EFT) Authorization. Use this form to establish standing Electronic Funds Transfer (EFT) instructions on your Fidelity account, including eligible retirement and nonretirement accounts. Do NOT use this form to request a specific transaction.

How do I fill in an EFT form?

What you need

  1. Electronic Funds Transfer Form. Providers must complete the authorized-signature (and date) field on the EFT form.
  2. Include the following documentation:
  3. Voided check.
  4. Bank letter that includes the bank name, provider name, bank account number, and routing number.
  5. Bank statement from the designated account.

What information is needed for an EFT?

In order to receive an EFT, you need to share your banking details with the person sending you one, including your institution number, your branch number and account number, and your transit number.

Does Medicare require EFT?

A: All providers enrolling in Medicare must use electronic funds transfer (EFT) in order to receive payments. Moreover, any provider not currently on EFT that submits a revalidation application must also submit a Form CMS-588 and thereafter receive payments via EFT.

How do I fill out an EFT form?

What information do I need to provide for an EFT?

Because direct deposits are electronic fund transfers that always go through the ACH network, you will need to obtain an employee’s bank name, account number and bank routing number, as well as the type of account. Once this information is received, you can set up the direct deposit details with your own bank account.

How do I process an EFT payment?

How Does EFT Work? EFT payments need two parties to make them work: a sender and a receiver. When the sender commits to sending funds to the receiver, that payment goes out through the appropriate payment network and moves money from the sender’s account to the receiver’s account.

How do I set up an EFT payment?

Sign up for EFT payments

  1. Click Payments.
  2. In the How you get paid section, click Add payment method.
  3. Click Add new bank account. If you don’t see this option, then EFT payments aren’t available in your location yet.
  4. Enter the required bank account information.
  5. Click Save.