MICR Data definition
Examples of MICR Data in a sentence
The Bank may, in its sole discretion, reject, repair, alter, amend, re-format or convert the Check Image or MICR Data submitted in an Electronic Deposit in accordance with general check collection practices and industry presentment standards, but the Bank has no obligation to do so.
You are required to inspect all Check Images to ensure the legibility of the Check Image, including without limitation the dollar amount of the check, the signatures of the persons signing and endorsing the check and the MICR Data.
In creating the Check Image, Customer must ensure that the MICR Data, check number, and name of the maker of the check are commercially printed on the check.
Depending on the collection method, the Check Image, MICR Data, Substitute Check, is subject to the rules of that clearinghouse, Federal Reserve Bank, or image share/exchange network or Bank agreement.
You are solely responsible for accurately capturing a clear and complete image of each paper check, including MICR Data.
Notwithstanding anything to the contrary in this Agreement, Bank may in its sole discretion determine the manner in which Bank will seek to collect a Check Image and/or MICR Data deposited by Customer.
The transmission of Check Images, MICR Data, or any other legally permissible Check collection method using the Remote Deposit Capture Service is not subject to the funds availability requirements of Regulation CC.
Without limiting the generality of the preceding sentence, Bank may, at its option: (a) present or transfer the Check Image or MICR Data to the paying bank, a Federal Reserve Bank, Check clearinghouse, image share/exchange network, or other bank; (b) create a Substitute Check, and/or MICR Data and collect such Item, or (c) request that Customer provide to Bank the original paper Check from which the Check Image and/or MICR Data was created and then collect the original paper Check.
Bank may, in its sole discretion, reject, repair, alter, amend, reformat or convert the Check Image Metadata or MICR Data submitted in an Electronic Deposit in accordance with general check collection practices and industry presentment standards, but Bank shall have no obligation to reject, repair, alter, amend, re-format or convert the Check Image Metadata or MICR Data.
In addition, you make the following specific representations and warranties: The Check Image is a complete and accurate representation of the front and back of a check which is eligible for deposit under this Agreement, including the MICR Data.