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MICR (Magnetic Ink Character Recognition)
The information printed on a check in magnetic ink. The MICR information helps MICR scanners retrieve important information from the check including the routing number, account number...
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ACH Debit
An ACH debit occurs when the receiver’s account is debited.
Related Terms
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Regulation E (Reg-E)
Regulation E details procedures for the processing of electronic funds transfers (EFTs) in addition to debit cards.
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