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      Viewing ARC Transactions

      Transparency is a Core Value at benefitbay® and we are excited to be able to provide additional on-platform access to the transactions being applied to employee ARC accounts.

      You can access a detailed view of your employee's individual Advanced Reimbursement Checking (ARC) transactions from the Employer Banking section on the Employer Home.

      Screenshot 2023-11-15 at 11.06.28 PM

      This report ensures quick access to all ARC transactions and includes the option to search and filter for specific transactions, making it easier to review payments made for a specific individual or during a specific time range.

      Using the filters you can search and narrow the view of transaction history to help find a specific set of data. Filtered results can be exported by clicking Export To CSV, this will generate a downloadable CSV file for external use.

      • Search by Employee:

        • Enter the employee's first and/or last name to filter by an employee.

      • Account Number:

        • The ARC account number can be found by clicking the "View" button in the "Your Advanced Reimbursement Checking Account" section on the Employee Home. Alternatively, the ARC account number can be found under the Account No. column on this report.

        • Copying the full ARC account number and using it to search and filter the transactions is the most precise way to view all ARC transactions for a specific individual, as each employee is assigned their very own distinct ARC account number.

      • Start and End Date:

        • You can filter to display transactions within a timeframe of your choosing, for example, 9/01/2023-09/30/2023 or 1/1/2023-03/31/2023.

        • Using the date range can be a powerful tool for downloading the transactions by month or by quarter when working to reconcile premiums paid in your accounting process.

      • Dispute:

        • If a transaction is incorrectly paid from an employee ARC account, or if it is determined the payment needs to be reversed, the benefitbay® team will process a dispute with the bank to reverse that transaction. When the bank is notified, the transaction is then marked as Disputed in the Dispute column. Once the disputed funds have been returned to the ARC account, the transaction will be marked as Resolved in the Dispute column.

      Report Details

      The details below will populate, and based on your search criteria, can be used for confirming a specific transaction or a set of transactions.

      • Transaction:

        • This is the date this transaction was posted to the ARC account.

      • Employee:

        • This is the specific name of the individual who has been assigned a unique ARC account number in the benefitbay® system.

          • Note: For certain individuals, there may be multiple policy payments in the same month for separate coverages. For example, with Medicare, multiple policies are paid from one ARC number for a given individual during the same month of coverage.

      • Final Premium Month and Termination Date:

        • If an employee is set to the Terminated status in benefitbay®, the system will require a Termination Date and Final Premium Month.

        • The Termination Date is the specific date entered when the individual was terminated.

        • The Final Premium Month is the first of the Month following the final expected month for transactions.

          • Note: Transactions applied after the Final Premium Month will show activity in the Disputed column.

          • For example, if the Termination Date is 7/21/22, and the last premium is paid on 7/24/22, the Final Premium Month is 8/1/22.

      • Carrier:

        • This is the carrier name as it appears on that specific bank transaction.

      • Amount:

        • Negative Transactions indicate funds that have been disbursed from the ARC for a specific premium amount and will be displayed in Red.

        • Positive Transactions indicate a carrier has applied a credit to the ARC account and will display in Green.

          • Carrier credits are uncommon but often are received when a premium is overpaid. These can occur when premiums or carriers change or update and Autopay is not changed or turned off.

      • Account Number:

        • The Account Number is the unique ARC account number each employee is assigned during the enrollment process.

          • Filtering transactions by Account Number is the most accurate option to view all transactions associated with a specific employee.

      • Trace Number:

        • The Trace Number is a specific number attached by the banking institution for a specific transaction. Each transaction has a unique, specific, trace number.

      • Status:

        • The Status will display "Debit Automated Payment" unless the transaction is credited back into the account.

      • Dispute:

        • This column will remain blank unless a dispute is made on that specific transaction. If a dispute has occurred, the column will display "Disputed" or "Resolved" based on where the transaction is in the dispute process.