EFT billing is performed monthly, quarterly, semi-annually, or annually. Debits occur on/around the 5th of the month in which premium is due. An authorization form is required. Members may authorize EFT from checking or savings.
Our EFT transaction description will be “Selmanco/ASI Ins Prem.”
Please refer to this list of EFT Rejection Codes. When an EFT fails, you will be able to see the code in the Non-Financial History section of the InsPro record. See P000654645 and P000642085 for examples.
EFT Rejection Codes
R01 INSUFFICIENT FUNDS
R02 ACCOUNT CLOSED
R03 NO ACCOUNT / UNABLE TO LOCATE ACCOUNT
R04 INVALID ACCOUNT NUMBER
R05 NO PRENOTIFICATION ON FILE
R06 RETURNED PER ODFI’S REQUEST
R07 AUTHORIZATION REVOKED BY CUSTOMER
R08 PAYMENT STOPPED
R09 UNCOLLECTED FUNDS
R10 CUSTOMER ADVISES NOT AUTHORIZED
R13 NON-PARTICIPATING BANK
R14 CUSTOMER DECEASED
R15 INDIVIDUAL (BENEFICIARY) DECEASED
R16 ACCOUNT FROZEN
R17 TAPE RECORD EDIT CRITERIA (SPECIFY)
R20 NON-TRANSACTION ACCOUNT
R21 INVALID COMPANY IDENTIFICATION
R22 INVALID INDIVIDUAL IDENTIFICATION NUMBER
R23 PAYMENT REFUSED BY BILLER
R24 DUPLICATE ENTRY
R99 OTHER (SPECIFY)
If an EFT fails for insufficient funds, we will make a second attempt on/around the 15th of the month. If the second attempt also fails, the member will have the option to send his/her payments by mail to get caught up.
If the EFT fails for any other reason, there will be no second attempt. The letter to the member will request a premium payment and updated EFT information. The billing method/model will change to quarterly automatically.
You will find EFT rejections on the Non-Financial Tab.
When the second EFT fails, the customer will automatically have the billing method changed to quarterly.