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Why indeed sovcit. (lemmy.world)

submitted 3 months ago by [email protected] to c/[email protected]

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[–] [email protected] 2 points 3 months ago (2 children)

MICR refers to the formulation of magnetic toner or ink used to print the special font at the bottom of checks. Different from regular ink or laser toner, MICR ink and toner contain magnetic iron oxide, a requirement of the Federal Reserve, making check-clearing a more efficient process.

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According to the Federal Reserve and the Accredited Standards Committee, X9 Inc. for financial industry standards, a check must contain MICR for it to be treated as a cash item.

If your business is currently printing its own checks, you must use proper MICR toner or ink to ensure they are compliant with the processing procedures of the banking system.

https://www.sourcetech.com/blog/why-micr-line-required-checks

[–] [email protected] 1 points 3 months ago (1 children)

If that were indeed the case then how come so many banks now take online check deposits with just photos of checks? Just this afternoon I deposited a check via my banks smartphone app. I endorsed the check, took photos of both the front & back, and the app sent them to the bank. In a few days I’ll get an email confirmation that the check was deposited.

[–] [email protected] 2 points 3 months ago (1 children)

You'd have to ask the Federal Reserve. I don't make their rules.

[–] [email protected] 2 points 3 months ago

Slacker

[–] [email protected] 4 points 3 months ago (1 children)

It's not required to have special ink. You can just print checks at home. You are posting something from a company that sells the special printers. Banks accept checks with regular ink (from cheap companies) all the time.

[–] [email protected] 3 points 3 months ago (1 children)

Do I need to use magnetic ink or toner when printing checks?

To process checks, banks' automated check sorting equipment relies on numeric information that appears at the bottom of checks and is printed in magnetic ink. This information is known as the check's magnetic ink character recognition line, or MICR line, and contains information such as the routing number of the bank on which the check is drawn, the account number on which the check is drawn, and the check serial number. Generally applicable industry standards for original checks long have required the MICR line to be printed in magnetic ink; the need for magnetic ink on original checks is not the result of the Check 21 Act. Only the MICR line of a check must be printed in magnetic ink. The rest of the information on the check, such as the date, the payee name, and the amount, can be printed in regular, non-magnetic ink.

If you make payments by printing checks at home and the checks you use have pre-printed MICR lines, then the rest of the information that you print on the checks need not be in magnetic ink. By contrast, if you must print a check's MICR line because it is not preprinted on the check, you should print the MICR line in magnetic ink.

https://www.federalreserve.gov/paymentsystems/regcc-faq-check21.htm

[–] [email protected] 1 points 3 months ago (1 children)

Yeah, I know about that. I'm just saying that banks will still take the regular ink checks. They just type the numbers in manually when they deposit it. The check reader can't read non-magnetic ink.

[–] [email protected] 2 points 3 months ago

They might, but they don't have to. If you bring in a boulder with a checked carved into it and expect them to cash it, they have every right to tell you no.