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2.1.1.2 Advantages of EFT
• Stop payments are no longer necessary because no paper is involved in the transaction process.
•Payment theft is less likely to occur because the process is handled electronically rather than by paper.
•Deposited funds are available for withdrawal the Thursday morning following the completed financial cycle.
•Upon deposit, the bank considers the transaction immediately collected. No float is attached to EFT deposits for Texas Medicaid funds.
•TMHP includes provider and Remittance and Status (R&S) report numbers with each transaction submitted. If the bank's processing software captures and displays the information, both numbers would appear on the banking statement.
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