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 and check number. Special magnetic ink toner cartridges are used by check printers as well as authorized users of check by phone systems.

Related Terms

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    A COR entry is initiated by a receiving depository financial institution (RDFI) to inform an originator of incorrect information submitted in an entry. The originator must correct...

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    A merchant is business that exchanges goods for monetary funds.

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