Bank MICR codes are used to identify bank and account information. The codes are read by machines called readers/sorters, offering a quicker and easier process for the clearing of checks. When a check is submitted to a bank for payment the code on the bottom of the check has to be printed in an exact area using a standard Bank MICR Font for that banking industry. The font also has to be printed using a special formulated toner called Bank MICR Toner. Without this code using MICR the banks automated readers/sorters can operate and the checks would have to be entered into the computer system and scanned manually, costing the bank money and slowing the process down.

Bank MICR Features

This nine-digit code is printed on checks using a special type of ink that contains magnetic material. The machines read the magnetic information. The information tells what bank the check is from and whose account it is. The first three numbers tell the city of the bank. The next three numbers state which bank it is and the last three numbers tell which branch of the bank it is from. Without using this special type of ink called Bank MICR Toner then the bank has to manually process these checks which can result in bank service fees. These fees can add up quickly and be quite expensive for an individual or business and can be anywhere from three to thirty-five dollars for each check that is rejected from the automated bank equipment.

Benefits of Bank MICR

MICR codes are used for many reasons. They provide an easy and fast way for processing checks, using automated equipment. By allowing a computer to read the information, errors from human mistakes are reduced. The magnetic ink used does not transfer if a check is photocopied; therefore, it also reduces the possibility of fraud. Magnetic Ink or MICR Toner usually contains a pigmented dye as to prevent the changing of numbers or modifications to the check by criminals.

When printing your checks using a quality MICR in your laser printer can not only allow you to save money on pre-printed checks but will enable you to make changes to your check that you may not foresee like changing banks, your name, address or phone, area code or other information that often changes resulting in you having to throw out pre-printed checks and ordering new ones. Another benefit is your private information can be kept safe until you are ready to print your checks in-house. It is hard for anybody to create a company check just from blank check paper without the use of a secured computer system and laser printer.



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