Download Electronic Funds Transfer Form – Military Benefit Association

The Electronic Funds Transfer (EFT) Form for the Military Benefit Association (MBA) makes paying your monthly premiums easy. By filling out this form, you can set up automatic payments from your checking account. This way, your life insurance or TRICARE Supplement payments are always on time.

This method saves you from having to send in payments yourself. It’s quick and easy for both you and the association.

Why Should You Use the EFT Service?

The Electronic Funds Transfer system has many benefits for MBA members:

• Convenience – Payments are automatically deducted, saving you time and effort.
• Timeliness – Your premium is paid on or after the second day of each month, reducing the risk of late payments and policy lapses.
• Security – With EFT, there’s no need to worry about checks getting lost in the mail or delayed.
• Flexibility – You can change your bank or branch information at any time, as long as you submit a new authorization form before the 22nd of the month prior to your next deduction.
• Easy to Set Up – The process for setting up EFT payments is straightforward and requires only basic information.

To use this service, you need to fill out the EFT Authorization Agreement and send it to MBA. You also need to include a voided check from your checking account.

How Does EFT Work?

Here’s how the EFT process works for MBA members:

1. Complete the EFT Authorization Form – Fill out the form with your personal and banking details.
2. Attach a Voided Check – Attach a voided check from your checking account to provide accurate routing and account numbers.
3. Submit the Form – Send the completed form to MBA at their designated address or via fax.
4. Automatic Deduction – On or after the second day of each month, MBA will debit the amount due for your premium payment directly from your checking account.
5. Statement and Confirmation – The debit will appear on your monthly bank statement.

This automatic payment system ensures that you never miss a payment. It helps avoid any issues related to late or missed payments, such as lapsing coverage.

What Information is Required on the EFT Form?

To ensure smooth processing of your EFT request, you’ll need to provide the following details on the authorization form:

1. Bank Information – Name and address of your bank, credit union, or savings & loan institution.
2. Routing/Transit Number – The first nine digits from the lower left corner of your personal check (make sure to confirm with your bank if using a credit union account).
3. Checking Account Number – Your personal checking account number.
4. Member Information – Your full name, Social Security Number, and address.
5. Premium Type – Indicate if the payment is for life insurance, TRICARE supplement, or both.

Once you’ve provided all the necessary information, submit the form to MBA for processing.

Steps to Download and Submit the EFT Form

Step 1: Download the Form

The Electronic Funds Transfer Form is available on the Military Benefit Association’s website. You can find it here:

Download Here:

If you prefer a physical copy, call MBA at:

• Phone: 1-800-336-0100
• Fax: 703-968-6423

Step 2: Complete the Form

Fill out the form with care. Make sure all details, like your bank info and premium info, are correct.

Step 3: Attach a Voided Check

Include a voided check to confirm your bank details. This is key for a smooth EFT setup.

Step 4: Submit the Form

After filling out the form and attaching the voided check, send it to MBA. You can:

• Mailing it to:
  Military Benefit Association
  14605 Avion Parkway
  Chantilly, VA 20151
• Faxing it to: 703-968-6423

Once MBA receives your form, you’ll get a confirmation of your EFT setup.

Important Things to Know About the EFT Process

1. Insufficient Funds – If your account lacks funds, your insurance might lapse. This could also revoke your EFT privileges. Always keep enough money in your account.
2. Changing Bank Accounts – You can switch banks. Just submit a new EFT form before the 22nd of the month before your next deduction.
3. Cancellation of EFT – You can cancel EFT anytime. Notify MBA at least 60 days in advance for it to take effect.
4. Termination – MBA might stop EFT if payments fail. Always have enough funds to keep coverage uninterrupted.

EFT Authorization Form: What to Expect

After submitting and getting approval for the EFT Authorization Form, MBA will start monthly debits. Here’s what you can expect:

Action	Timeline
Form Submission Deadline	Must be submitted by the 22nd of the month.
Debiting Date	On or after the 2nd of each month.
Confirmation of EFT	You will receive confirmation once your EFT has been set up.
Change of Bank Information	Submit a new form for any bank account changes before the 22nd.

FAQs About the EFT Process

1. What Happens if There Are Insufficient Funds in My Account?

If your account is short on funds when the EFT is processed, the debit will fail. This could lead to your insurance being canceled and losing EFT privileges. It’s vital to keep enough money in your account to avoid this.

2. Can I Use EFT for Other Types of Payments?

The EFT service for MBA is only for premium payments of life insurance and TRICARE supplement.

3. Is EFT Available for Non-U.S. Banks?

No, the EFT service is for U.S. banks only. It’s for accounts that hold U.S. dollars.

4. Can I Change the Amount Debited Each Month?

The amount debited will change with premium increases or decreases. You can contact MBA for payment plan adjustments.

5. Can I Cancel My EFT at Any Time?

Yes, you can cancel EFT anytime by telling MBA. Make sure to request cancellation at least 60 days before stopping payments.

Conclusion: Setting Up EFT for Your Military Benefit Association Premiums

The Electronic Funds Transfer (EFT) system by Military Benefit Association makes paying premiums easy. Just fill out the EFT Authorization Form and include a voided check. This way, your payments are always on time.

Keep your form current, like if you change banks or account details. This prevents any coverage gaps. If you have questions or need help, reach out to MBA.

Using EFT means your premiums are taken care of automatically. This lets you focus on your service and family.