Author Topic: Check writing Fee?  (Read 1477 times)

ste

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Check writing Fee?
« on: March 22, 2011, 08:29:45 PM »
Insurance usually gives the provider an option to have their reimbursements mailed to them as a check or directly deposited into their checking accounts. The trouble with the latter is if the isurance over pays they glady withdraw funds from the provider's bank account (or so I am told). Recently an insurance company that has been offering direct deposit decided to encourage direct deposit by charging all providers a $3 fee for every reimbursement check that is written. Accounting nightmares aside is this legal? 

PMRNC

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Re: Check writing Fee?
« Reply #1 on: March 23, 2011, 06:36:24 AM »
Yes, there are many banks, credit card companies, etc all doing same thing to encourage electronic payments vs. paper. Think if it this way, You still have choice to go paper if you want, but if the company is moving to electronic payments it seems fair to charge for the inconvenience.
Linda Walker
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DMK

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Re: Check writing Fee?
« Reply #2 on: March 23, 2011, 10:29:16 AM »
I have a big problem with giving access to my bank account to everybody.  And when you agree to EFT, you are giving them access.  The Medicare agreement was good because it stated something to the affect that they could only deposit to the account, but who knows?  I'm sure if they think they've overpaid you, they will get it back.

I'm old, old fashioned I guess.  Or I've seen too many science fiction movies, but I'm tired of having the technology crammed down my throat and being charged for not wanting to change.  I've seen too many occasions already where garbage input and garbage output causes mistakes and creates more work to clean up something that should have been an easy transaction. 

The ERA's are already making me mad, because if your claim is a $0 pay you get no notification.  You have to go dig up the ERA on the individual web site. 

Arrrrgh!  It's frustrating!

Georgia Girl

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Re: Check writing Fee?
« Reply #3 on: March 23, 2011, 02:21:14 PM »
I encourage my clients to open a separate bank account for EFT's just for that reason. If they can put it in, they can take it out.  A separate account can just be a temporary holding account, that can "wash" out after pulling your money out to put in your operating account. It lessens your risk of overdrawing your main account.   

QueenAlicia

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Re: Check writing Fee?
« Reply #4 on: March 23, 2011, 06:27:18 PM »
I encourage my clients to open a separate bank account for EFT's just for that reason. If they can put it in, they can take it out.  A separate account can just be a temporary holding account, that can "wash" out after pulling your money out to put in your operating account. It lessens your risk of overdrawing your main account.   

This is such a good idea.  When I was a banker I would see this many times.  IMO it is honestly best because the provider has to wait for the check to clear, who knows if the insurance company wrote a bad check or placed a stop payment on the check.  Also this is the faster way of getting paid, same as submitting the claims electronically.