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Health Insurance Claims Assessment (HICA) Act
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What is the difference between an Electronic Funds Transfer (EFT) Debit payment and an EFT Credit payment?
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Answer:
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For an EFT Debit transaction, the taxpayer will contact Michigan's financial institution (or the State's contractor) to initiate a withdrawal of funds from the taxpayer's account and electronically transfer the amount to Michigan's account. For an EFT Credit transaction, the taxpayer contacts their financial institution to initiate an electronic transaction to withdraw funds from their account and transfer the amount to Michigan's account.
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