magnetic ink character recognition (MICR) definition
Examples of magnetic ink character recognition (MICR) in a sentence
The device must capture an image of the front and back of each check to be deposited in accordance with the Procedures; must read and capture the magnetic ink character recognition ("MICR") line on each check; and must read and capture all such other data and information as is required by this Agreement or Federal Reserve regulations for the processing of these checks for payment.
These automated procedures rely primarily on information encoded on each check or item on the check’s magnetic ink character recognition (MICR) line.
In paying or processing an item, we may rely on the information encoded on the check’s magnetic ink character recognition (MICR) line, according to general banking standards, whether or not that information is consistent with the other information on the check.
The device must capture an image of the front and back of each check to be deposited in accordance with the procedures; must read and capture the magnetic ink character recognition (MICR) line on each check; and must read and capture all such other data and information as is required by this Agreement or Federal Reserve regulations for the processing of these checks for payment.
Bank shall provide Customer check specification guidelines for the magnetic ink character recognition ("MICR") encoding of bank- routing and account number(s) on all checks purchased by Customer to be drawn against the Controlled Disbursement account(s).
You acknowledge that ineligible Items include, but are not limited to, the following: ACH payments or wire transfers, Items drawn on banks located outside of the United States, cash, illegible Items, incomplete Items, Items which are altered in any way, any Check that has previously been converted to a Substitute Check, any Item that contains indecipherable magnetic ink character recognition ("MICR") data, any Check originally made payable to a party other than you and any stale or post-dated Items.
We may rely on the information encoded on the check’s magnetic ink character recognition (MICR) line, according to general banking standards, whether or not that information is consistent with the other information on the item.
We make our best effort to consistently post items in accordance with the posting order below, however, there may be occasional exceptions due to human error, computer errors such as misreads of the magnetic ink character recognition (MICR) data on checks, and other exceptions beyond our control.
Mobile Deposit You may deposit checks to your checking accounts using a Mobile Device capable of capturing electronic images of the front and back of eligible checks and transmitting to Winchester Savings Bank or its designated processor the images and other deposit information including but not limited to the magnetic ink character recognition ("MICR") line.
The information must also be accurately reflected on the magnetic ink character recognition (MICR) line of the check.