About this update. This article originally covered 2014 improvements to electronic funds transfer in PECOS. The historical summary is retained below, with current CMS resources to help you manage a change today.
How do I update Medicare banking information?
Use PECOS to report a change to your Medicare enrollment information and complete the applicable EFT information. CMS also provides Form CMS-588, the Electronic Funds Transfer Authorization Agreement. Follow the current instructions for your application and Medicare enrollment contractor.
CMS instructs applicants submitting EFT information through PECOS to include a voided check or bank letter showing the individual or business legal name and the applicable account and routing numbers. Our Medicare bank letter template can help you prepare that supporting document.
From the 2014 announcement
What changed in PECOS?
The Centers for Medicare & Medicaid Services (CMS) introduced EFT improvements to the Provider Enrollment, Chain, and Ownership System (PECOS) following feedback about online enrollment.
- A change-of-information path. Providers and suppliers were directed to use the change-of-information option when updating EFT details.
- Banking details and payment dates. The announcement explained that saved routing and account numbers required deletion and re-entry to change them. It also described effective and termination dates: when funds would begin and stop being directed to the entered account.
- Updated financial institution fields. PECOS displayed the CMS-588 form with fields for the bank’s street address and ZIP code.
These points describe the original announcement, not a current screen-by-screen tutorial. Use the CMS resources above for today’s instructions.
Original announcement via First Coast Service Options. See also CMS’s historical PECOS presentation (PDF).
Ready to update an enrollment? Open the official PECOS portal or explore our Medicare enrollment guide.