Can a financial institution submit estimated tax payments on magnetic tapes?

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Can a financial institution submit estimated tax payments on magnetic tapes?

A financial institution that submits estimated payments through the Federal Tax Deposit System on magnetic tape and acts as a fiduciary for 200 or more trusts must submit Michigan estimated payments on magnetic tape. An institution acting as fiduciary for more than 49 and fewer than 200 trusts may make an irrevocable agreement to submit estimated tax payments magnetically.