How To Complete Step 10: Review Electronic Funds Transfer (EFT) Information - New 05/10/2007
The following document refers to reconciliation and provides questions and answers regarding Step 10. This section contains information about who may complete the step, when and how the step should be completed and other information related to reconciliation. This document includes information about the following:
- What is the purpose of Step 10: Review EFT Information?
- When can Plan Sponsors begin Step 10: Review EFT Information?
- Who is allowed to complete Step 10: Review EFT Information?
- How can I tell if Step 10: Review EFT Information is completed?
- Can Step 10: Review EFT Information be undone after it is completed?
- What happens when Step 10: Review EFT Information is completed?
- What if the EFT information has not changed?
- How long does it take CMS' RDS Center to validate EFT Information?
- What information is the Plan Sponsor required to confirm to complete Step 10: Review EFT Information?
- Can changes be made to EFT Information using Step 10: Review EFT Information?
- What happens if the RDS Center's verification of the EFT Information fails?
- How does a Plan Sponsor complete Step 10: Review EFT Information?
What is the purpose of Step 10: Review EFT information?
The purpose of this step is to obtain a final confirmation of the EFT information associated with this application. Before the final reconciliation payment can be requested, Plan Sponsors must review the current EFT information listed in the application and compare it to their records. In this step the Authorized Representative, Account Manager, or Designee with both the Complete EFT Information and the Request Payment privileges are allowed to review and confirm or edit the EFT information. After Step 1 is completed, changing the application status to "Reconciliation Initiated," Step 10 is the only way to update the EFT information.
When can Plan Sponsors begin Step 10: Review EFT Information?
Step 10 cannot be started until Step 1 through Step 9 have been completed. Step 10 must be marked "Complete" on the Reconciliation Checklist to proceed to the remaining steps.
Who is allowed to complete Step 10: Review EFT Information?
Step 10 can only be completed by the Account Manager, the Authorized Representative or Designees with both the Complete EFT Information privilege and the Request Payment privilege.
How can I tell if Step 10: Review EFT Information is completed?
The Reconciliation Checklist displays as follows:
- Step 10 is marked with a green check to indicate that the step is complete and Step 11 is marked with a blue arrow to indicate that it is the next step.
- The status of Step 10 will be marked "Complete" on the Reconciliation Checklist.
- The Last Updated Date and Last Updated By fields are updated accordingly.
- The status of the application will remain "Reconciliation Cost Reporting Closed."
Can Step 10: Review EFT Information be undone after it is completed?
Yes. If the EFT information is edited, this step will be marked "Incomplete" as will Step 11. Both steps will need to be completed to proceed to Step 12.
If the Authorized Representative rejects the EFT information in Step 11, an e-mail will be sent to the Account Manager and Designees with the Complete EFT Information privilege to inform them of the rejection and direct them to return to Step 10 to make the necessary changes. Step 10 will be marked "Incomplete" until the user completes the step again.
What happens when Step 10: Review EFT Information is completed?
If no changes are made and Step 10 is completed, then Step 11 will be automatically marked "Complete." The Authorized Representative will be notified by e-mail that they may proceed to Step 12.
If a change is made to the EFT information and Step 10 is marked "Complete," the Authorized Representative will be notified by e-mail to confirm the change, in Step 11, and complete Step 12.
The application status remains "Reconciliation Cost Reporting Closed."
What if the EFT information has not changed?
If the EFT information has not changed, Plan Sponsors may complete the step without editing the EFT information by selecting Submit.
How long does it take CMS' RDS Center to validate EFT Information?
It takes up to two weeks to validate the EFT information confirmed in Step 10. The Authorized Representative may proceed with Step 12 while the validation is in progress. If there was a change to the EFT information, the validation process is not initiated until Step 11 is marked "Complete." If the EFT information did not require an update, the validation process is initiated after the completion of Step 10.
What information is the Plan Sponsor required to confirm to complete Step 10: Review EFT Information?
The page includes all of the EFT information that has been entered for this application. If any field needs to be updated, select EFT Information Edit to change the EFT information for this application. After the information presented on this page is correct, this step can be completed. The EFT Information displayed includes:
- The Bank Name
- Account Type
- Company Name Associated with the Account
- Account Number
- Bank Routing Number
- First, Middle and Last Name of the Bank Contact
- Telephone Number of the Bank Contact
- Fax Number of the Bank Contact
- E-mail Address of the Bank Contact
- Complete Address of the Bank
Can changes be made to EFT information using Step 10: Review EFT Information?
Yes. From Step 10, select EFT Information Edit to change the EFT information for this application. The Electronic Funds Transfer (EFT) – Edit page will display allowing updates to all EFT data. Below is a summary of the required fields and some helpful hints:
- Bank Name
- Account Type – Checking or Savings. Select an Account Type from the dropdown.
- Company Name Associated with Account
- Account Number - The account number is located at the bottom of the check (do not use an account number from a deposit slip). It is located to the left of the
symbol. Include any leading zeros. Note: the check number may also be to the left of the symbol, but can be identified by comparing to the same check number usually located at the top right of the check. See the image below for an example. The order of the account number and the bank routing number may not be the same as the image shown here.
- Re-enter Account Number - Re-enter Account Number for the purposes of validation.
- Bank Routing Number - The bank routing number is located at the bottom of a check (do not use an account number from a deposit slip). It is located between the |: symbols. The routing number is always 9 digits long. See the image below for an example. The order of the account number and the bank routing number may not be the same as the image shown.
- Re-enter Bank Routing Number – Re-enter Bank Routing Number for the purposes of validation.
- Bank Contact
- First Name
- Last Name
- Telephone - Enter the area code, telephone number, and extension (if applicable).
- Bank Address Street Line 1 - Enter the street address, P.O.Box, C/O, etc., of the bank.
- City
- State - Select a State from the dropdown.
- Zip Code - Enter the 5 to 9 digit zip code of the bank.
After submitting the changed information, the user will be returned to the Step 10: Review EFT Information page where they will need to select Confirm to complete this step.
What happens if the RDS Center's verification of the EFT Information fails?
The Account Manager, Authorized Representative, and Designee with the Complete EFT Information privilege will be notified by e-mail with instructions on how to proceed.
How does a Plan Sponsor complete Step 10: Review EFT Information?
- Log into the RDS Secure Web Site.
- The Plan Sponsor List With Application Summary page displays.
- Select the appropriate Plan Sponsor ID link. The Application List page displays.
- From the Application List page, find the Application Number to reconcile. To access reconciliation, select Reconciliation from the Actions dropdown and select Go.
- The Reconciliation Checklist displays. Select Step 10: Review EFT Information.
- The Step 10: Review EFT Information page displays.
To edit the Account Information, Bank Contact, or Bank Address, select the EFT Information Edit link.
- The Electronic Funds Transfer (EFT) – Edit page displays.
- To return to the Step 10: Review EFT Information page and view changes, select Continue. To return to Step 10 without saving changes, select Cancel.
- To complete the review of the EFT Information, select Submit. To return to the Reconciliation Checklist, select Cancel.
- The Step 10: Review EFT Information Verification page displays. To complete the review of the EFT Information, select Confirm. To return to the Step 10: Review EFT Information page, select Cancel.
- The Step 10: Review EFT Information Confirmation page displays. To continue to the Reconciliation Checklist, select Continue.
- The Reconciliation Checklist displays. The status of Step 10: Review Electronic Funds Transfer (EFT) Information changes to "Complete" and the Last Updated Date and Last Updated By fields are updated accordingly. Step 10 is marked with a green check to indicate that the step is "Complete" and Step 11 is marked with a blue arrow to indicate that it is the next step.
