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Magnetic Ink Character Recognition, or MICR, is a character recognition technology adopted mainly by the banking industry and is also a special font used to facilitate processing of billions of checks each year. An optical or magnetic scanner can decode the characters, which contain the routing numbers for the bank and the checking account number to identify you from all the other branch customers, and sometimes even the individual check number, so your bank can print out your statement in check number order. It is the line of numbers near the bottom of the check, as this is the area that is least likely to be accidently written on or torn (stubs are always at the TOP of the check, or on the SIDE).
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Why is it useful to use MI CR at banks?
MICR stands for Magnetic Ink Character Recognition. It is a system using which magnetic readers can easily identify the bank that issued the cheque and other details reg. the cheque. All banks use MICR codes in their Cheques which helps them in automatic processing of cheques.
What is MI-CR technology?
MICR (Magnetic Ink Character Recognition)is a technology thet senses characters printed with special ink,found on most bank cheques - cheque numbers written with this special ink.
Consultar los movimientos de mi cuenta de cheques?
01020429130000112875
What is the journal entry for check deposited to bank?
DR. Bank (specifying the bank account name) CR. Cheques Under Collection
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