This is definitely errored and purely PSUEDO-CODE... not sure what the intent was but here is what you need to do what you're saying Aaron.

cfquery_result_example.cfm

<cfset AcceptBillMethods = "1,2" />

<cfif listFind(AcceptBillMethods,form.BillMethod)>
  <cfset BillingTypeID = form.BillMethod />
<cfelse>
  <cfthrow "ERROR! INVALID BILLING TYPE ENTERED!" />
</cfif>

<cfquery name="InsertMemberInfo" datasource="#Application.Settings.DSN#" result="newMember">
  INSERT INTO 
    wbx.Members 
    (
    SystemID, 
    FirstName, 
    LastName, 
    Address1, 
    City, 
    StateID, 
    Zip, 
    Email, 
    Phone1, 
    Phone2, 
    MemberStatusID, 
    Frequency, 
    Created, 
    EnrollmentFlag
  ) VALUES (
    <cfqueryparam value="#systemID#" cfsqltype="cf_sql_integer" />, 
    <cfqueryparam value="#form.FirstName#" cfsqltype="cf_sql_varchar" />, 
    <cfqueryparam value="#form.LastName#" cfsqltype="cf_sql_varchar" />, 
    <cfqueryparam value="#form.BillAddress#" cfsqltype="cf_sql_varchar" />, 
    <cfqueryparam value="#form.billCity#" cfsqltype="cf_sql_varchar" />, 
    <cfqueryparam value="#form.billZip#" cfsqltype="cf_sql_varchar" />, 
    <cfqueryparam value="#form.email#" cfsqltype="cf_sql_varchar" />, 
    <cfqueryparam value="#form.Phone1#" cfsqltype="cf_sql_varchar" />, 
    <cfqueryparam value="#Phone2#" cfsqltype="cf_sql_varchar" />, 
    <cfqueryparam value="#MemberStatusID#" cfsqltype="cf_sql_integer" />,
    <cfqueryparam value="#Frequency#" cfsqltype="cf_sql_varchar" />,
    <cfqueryparam value="#EnrollmentFlag#" cfsqltype="cf_sql_varchar" />
  )
</cfquery>

<cfquery name="InsertBillingInfo" datasource="#Application.Settings.DSN#">
  INSERT INTO 
    wbx.MemberBillingInfo 
    (
      BillingTypeID, 
      MemberID,
      ShipAddress1,
      ShipCity,
      ShipState,
      ShipZip,
      BillAddress1,
      etc,
      etc,etc
      ,
      <cfif BillingTypeID EQ 1>
      CardName, 
      CardNumber, 
      CardExpire, 
      CardCode,
      <cfelseif BillingTypeID EQ 2> 
      BankName, 
      BankAcctName, 
      BankAcctNumber, 
      BankAcctRouting, 
      BankAcctType,
      </cfif>
      Created, 
      DeletedFlag
    ) VALUES (
      <cfqueryparam value="#BillingTypeID#" cfsqltype="cf_sql_integer" />,
    <cfif BillingTypeID EQ 1>
      <cfqueryparam value="#newMember.IDENTITYCOL#" cfsqltype="cf_sql_integer" />, 
      <cfqueryparam value="#form.ShipAddress1#" cfsqltype="cf_sql_varchar" />, 
      <cfqueryparam value="#form.ShipCity#" cfsqltype="cf_sql_varchar" />, 
      <cfqueryparam value="#form.ShipState#" cfsqltype="cf_sql_varchar" />, 
      <cfqueryparam value="#form.ShipZip#" cfsqltype="cf_sql_varchar" />, 
      <cfqueryparam value="#form.BillAddress1#" cfsqltype="cf_sql_varchar" />,
      <cfqueryparam value="#form.CardName#" cfsqltype="cf_sql_varchar" />,
      <cfqueryparam value="#form.CardNumber#" cfsqltype="cf_sql_varchar" />,
      <cfqueryparam value="#form.CardCode#" cfsqltype="cf_sql_varchar" />, 
      <cfqueryparam value="#form.CardExpire#" cfsqltype="cf_sql_varchar" /> 
    <cfelseif BillingTypeID EQ 2>
      <cfqueryparam value="#newMember.IDENTITYCOL#" cfsqltype="cf_sql_integer" />, 
      <cfqueryparam value="#form.ShipAddress1#" cfsqltype="cf_sql_varchar" />, 
      <cfqueryparam value="#form.ShipCity#" cfsqltype="cf_sql_varchar" />, 
      <cfqueryparam value="#form.ShipState#" cfsqltype="cf_sql_varchar" />, 
      <cfqueryparam value="#form.ShipZip#" cfsqltype="cf_sql_varchar" />, 
      <cfqueryparam value="#form.BillAddress1#" cfsqltype="cf_sql_varchar" />,
      <cfqueryparam value="#form.BankName#" cfsqltype="cf_sql_varchar" />,
      <cfqueryparam value="#form.BankAcctName#" cfsqltype="cf_sql_varchar" />,
      <cfqueryparam value="#form.BankAcctNumber#" cfsqltype="cf_sql_varchar" />,
      <cfqueryparam value="#form.BankAcctRouting#" cfsqltype="cf_sql_varchar" />,
      <cfqueryparam value="#form.BankAcctType#" cfsqltype="cf_sql_varchar" />
    </cfif>
  )
</cfquery>