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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 (7 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 (2 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

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