A magnetic ink character recognition, or MICR, spec sheet is used to provide a check printer with information needed to print checks or deposit slips for a customer. This information is typically required when ordering from a third-party check printer, not one's own bank.Continue Reading
Checks contain a number of pieces of important data. These are critical for the check to be scanned and processed properly. At the bottom left is the nine-digit financial institution routing transit number, which identifies the bank holding the account and check processing center. Next to the routing number is the checking account number. An ACH routing transit number may also appear on some checks. All of this information is communicated to the check printer on the MICR spec sheet.
MICR numbers, letters and symbols are printed with magnetic ink or toner, which allows a computer to read the characters even if they have been covered with other marks. This technology helps protect businesses and consumers from fraud and to ensure that the check printer processes orders accurately. The local branch of any bank is a good source of information when having checks printed and should be able to provide current checking customers with an MICR spec sheet.Learn more about Bank Accounts
Some tips for writing checks include using a black gel ink pen, writing the dollar amount close to the dollar sign, and writing a unique, legible signature, reports the Houston Chronicle. Because checks are easy to counterfeit, safe check-writing is crucial to prevent fraud and accounting errors.Full Answer >
Direct deposit typically takes two to three business days from check issuance. The employer initiates an electronic file via payroll software to the receiving bank, which then posts the funds to the recipient's account.Full Answer >
Discover Bank's website lists the five ways to make a deposit, which include an online transfer from an external bank account, direct deposit, via a mobile phone along with Discover's mobile check app, wire transfers and mailing a check. Wire transfers may have a fee associated with them.Full Answer >
Teachers and other educators can use free blank check templates to generate checks for instructing students on the roles of finance professionals, such as bankers and cashiers, according to Scholastic. They can also utilize the checks to familiarize learners with the document and to train them on the basics of balancing credits and debits. Organizations can use these templates to generate checks for making deposits and other financial transactions, states FreeChurchForms.Full Answer >