Form 2248, Electronic Funds Transfer (EFT) Debit Application - mi-2025

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You can set up one-time or recurring EFT transactions and allow up to three layers of approval for sending or receiving money. To set up a payment to another account, you need their bank account number, their institution number, branch number and account number, and their transit number.
You can receive an Interac e-Transfer by email or SMS text message. To deposit the money, select the link in the email or text message notification you receive from Interac and follow the instructions.
Electronic Funds Withdrawal (EFW) is an integrated e-file/e-pay option offered when filing your federal taxes using tax preparation software or through a tax professional.
What is direct deposit? Direct Deposit (Electronic Funds Transfer) is the electronic transfer of your paycheck, benefit check or other payment into your checking, share draft or savings account, or other low-cost account offered by your bank.
A: The Michigan Automated Tax Payment System is the system used to complete payments using Electronic Funds Transfer (EFT). A user identification and password is required. To make an online payment go to .Michigan.gov/biztaxpayments. Touchtone phone payments can be made by calling 1-877-865-2860.
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While an EFT physically moves money from one bank account to another, a wire transfer takes a more passive approach. During a wire transfer, the remitting bank uses secure messaging to instruct the receiving bank to deposit its reserve funds into the receivers account based on the account details provided.
EFTs require two parties: the person or entity sending money and the person or entity receiving the money. The sender initiates the transfer over the internet or at a payment terminal. The transfer request is sent to the senders bank and then back to the receivers bank.

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