No Fees for EFTs Act

The No Fees for EFTs Act (S 3805) prohibits health insurance plans from charging healthcare providers any fee for electronic funds transfers (EFTs) or payment remittance advice transactions. It bans health plans and their payment processors from deducting fees (including withholdings) from provider payments related to these electronic transactions. The law takes effect on January 1, 2025, applying to all such transactions after that date. This directly affects healthcare providers by ensuring they receive full payments without hidden charges for electronic payments, and health plans by requiring them to cover processing costs.