Printing MICR line on checks...
Trey Kirk
I was curious, is there a way to get Quicken to print the MICR line (the
account number and bank routing information) on the checks. You can get
printers that will print the line out with magnetic toner so that it passes
through the banks scanners. Just need to see if Quicken can print that line
out at the bottom of the check.
Thanks,
SeeYa,
Trey Kirk
Dan Swartzendruber
Not that I know of. The check printing package I use (check magic) does
this, though...
Mark H. Granoff
>
> Not that I know of. The check printing package I use (check magic) does
> this, though...
Yes, but not with magnetic ink (unless you specifically put magnetic
toner in your laser printer). On CheckMagic's web page, they pretty much
say that the use of non-magnetic (read: regular) ink or toner is OK as
many (if not most) banks use OCR technology to read the numbers and
don't rely on there being magnetic ink on the paper. And, should OCR and
magnetic measures fail, there are backup methods used to read your check
(like, a person. :-)
I am considering using CheckMagic myself, based on Dan's suggestion in
response to a related question I asked recently. Sounds like a really
good solution to me.
-Mark
--
Mark H. Granoff (Mark.G...@Software.com)
http://www.software.com
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Dan Swartzendruber
says...
> Dan Swartzendruber wrote:
> >
> > In article <8bb9rs$1ms$0...@dosa.alt.net>, trey...@hotmail.com says...
> > > I was curious, is there a way to get Quicken to print the MICR line (the
> > >...
> >
> > Not that I know of. The check printing package I use (check magic) does
> > this, though...
>
> Yes, but not with magnetic ink (unless you specifically put magnetic
> toner in your laser printer). On CheckMagic's web page, they pretty much
yeah, that's right. sorry about that :( i do occasionally get checks
downloading into quicken with no identifying check number. dunno if
that's because of no MICR ink.
73115...@compuserve.com
>I was curious, is there a way to get Quicken to print the MICR line (the
>account number and bank routing information) on the checks. You can get
>printers that will print the line out with magnetic toner so that it passes
>through the banks scanners. Just need to see if Quicken can print that line
>out at the bottom of the check.
Quicken doesn't do this, although programs like VersaCheck will.
A word of caution for those thinking of doing this: Magnetic toner is not common
and ink jet inks are not magnetic.
While you can print out fine looking checks, they almost certainly will be hand
processed and could lead to your account being assessed some significant
processing charges. You need to check with your bank to determine it's policy on
such things.
73115...@compuserve.com
>Yes, but not with magnetic ink (unless you specifically put magnetic
>toner in your laser printer). On CheckMagic's web page, they pretty much
>say that the use of non-magnetic (read: regular) ink or toner is OK as
>many (if not most) banks use OCR technology to read the numbers and
>don't rely on there being magnetic ink on the paper. And, should OCR and
>magnetic measures fail, there are backup methods used to read your check
>(like, a person. :-)
>
Despite claims that VersaCheck and CheckMagic make, my experience has been quite
the opposite. Very few banks process using OCR readers, leading them to hand
encode your check. Even if your bank does use OCR, you need to consider that the
check is usually read by the *receiving* bank first. They are teh ones that will
have to reencode the check if it can't be read.
>I am considering using CheckMagic myself, based on Dan's suggestion in
>response to a related question I asked recently. Sounds like a really
>good solution to me.
I highly recommend you check with your bank first. Some banks start imposing
fees of up to $1/check for hand encoding, if a very low limit is exceeded.
Mark H. Granoff
> I highly recommend you check with your bank first. Some banks start imposing
> fees of up to $1/check for hand encoding, if a very low limit is exceeded.
I just called my bank, and asked. They said they wouldn't process such
checks AT ALL. I told them this was balony because by law I could write
a check on a cocktail napkin and they'd have to honor it. I refused the
answer, and she asked someone else again. The second answer was that the
FED would not accept the check. So, while I don't completely trust these
answers... I was willing to buy pre-printed checks to begin with. Sigh.
(I still think CheckMagic looks really neat though! :-)
Dan Swartzendruber
says...
> 73115...@compuserve.com wrote:
> > I highly recommend you check with your bank first. Some banks start imposing
> > fees of up to $1/check for hand encoding, if a very low limit is exceeded.
>
> I just called my bank, and asked. They said they wouldn't process such
> checks AT ALL. I told them this was balony because by law I could write
> a check on a cocktail napkin and they'd have to honor it. I refused the
> answer, and she asked someone else again. The second answer was that the
> FED would not accept the check. So, while I don't completely trust these
> answers... I was willing to buy pre-printed checks to begin with. Sigh.
> (I still think CheckMagic looks really neat though! :-)
Give it a try. I have never asked bankboston, and I use checkmagic with
an inkjet printer. I have never had any beef from them.
Mark H. Granoff
Small world. I'm a BayBank of FleetBoston customer as well. :-)
Yeah, I'm sure the rocket scientists (no offense intended to real rocket
scientists :-) I talked with this morning don't know what's what at all.
That's typical, which is why I don't entirely trust their answers this
morning.
I have a colleage whose wife is a former BankBoston employee. I'll ask
them...
-Mark
elf...@my-deja.com
Mark.G...@Software.com wrote:
> Dan Swartzendruber wrote:
> >
> > > I was curious, is there a way to get Quicken to print the MICR
line (the
> >
> > Not that I know of. The check printing package I use (check magic)
does
> > this, though...
>
> toner in your laser printer). On CheckMagic's web page, they pretty
much
> say that the use of non-magnetic (read: regular) ink or toner is OK as
> many (if not most) banks use OCR technology to read the numbers and
> don't rely on there being magnetic ink on the paper. And, should OCR
and
> magnetic measures fail, there are backup methods used to read your
check
> (like, a person. :-)
>
> response to a related question I asked recently. Sounds like a really
> good solution to me.
>
Unfortunately, the advice on their site is incorrect. Federal law
*requires* the use of magnetic toner on all checks. While many banks
scan the MICR line optically, there are still lots of banks that use
magnetic scanning, including the federal resereve, the IRS, etc. When a
MICR line does not scan (because of lack of magnetic toner) a human has
to hand code a MICR line (with magnetic toner) that gets added to the
bottom of your check. Most banks now add a processing fee for doing
this. And your bank has the legal right to put a hold on your checking
account- freezing all your checks, until you prove your checks meet
their (the ABA) standards.
Bob Baddle
http://www.micrfonts.com
Sent via Deja.com http://www.deja.com/
Before you buy.
Dan Swartzendruber
> Unfortunately, the advice on their site is incorrect. Federal law
> *requires* the use of magnetic toner on all checks. While many banks
> scan the MICR line optically, there are still lots of banks that use
> magnetic scanning, including the federal resereve, the IRS, etc. When a
> MICR line does not scan (because of lack of magnetic toner) a human has
> to hand code a MICR line (with magnetic toner) that gets added to the
> bottom of your check. Most banks now add a processing fee for doing
> this. And your bank has the legal right to put a hold on your checking
> account- freezing all your checks, until you prove your checks meet
> their (the ABA) standards.
Bummer. I'll probably then change when my current batch runs out :(
Andrew
meet all of the standards of the American Bankers Association. This body
sets the standards for all banks in the United States. We also meet all of
the standards for Canadian checks"
I use a credit union, and never had a problem (except when my printer
screwed up and I didn't notice the check wasn't printed straight along the
paper) in the year since I gave up on Checkfree due to their price
increases.
--
Regards -
- Andrew
Webmaster - Temple Beth-El, Poughkeepsie NY
Visit us on the Web at http://www.templebethel.poughkeepsie.ny.us
(Best e-mail address to use: N2...@arrl.net)
(AOL IM and Yahoo pager id: N2FTR ; ICQ 63675985)
<elf...@my-deja.com> wrote in message news:8be63a$s2t$1...@nnrp1.deja.com...
> In article <38D943CA...@Software.com>,
> Mark.G...@Software.com wrote:
> > Dan Swartzendruber wrote:
> > >
> > > In article <8bb9rs$1ms$0...@dosa.alt.net>, trey...@hotmail.com says...
> > > > I was curious, is there a way to get Quicken to print the MICR
> line (the
> > > >...
> > >
> > > Not that I know of. The check printing package I use (check magic)
> does
> > > this, though...
> >
> > Yes, but not with magnetic ink (unless you specifically put magnetic
> > toner in your laser printer). On CheckMagic's web page, they pretty
> much
> > say that the use of non-magnetic (read: regular) ink or toner is OK as
> > many (if not most) banks use OCR technology to read the numbers and
> > don't rely on there being magnetic ink on the paper. And, should OCR
> and
> > magnetic measures fail, there are backup methods used to read your
> check
> > (like, a person. :-)
> >
> > I am considering using CheckMagic myself, based on Dan's suggestion in
> > response to a related question I asked recently. Sounds like a really
> > good solution to me.
> >
>
> Unfortunately, the advice on their site is incorrect. Federal law
> *requires* the use of magnetic toner on all checks. While many banks
> scan the MICR line optically, there are still lots of banks that use
> magnetic scanning, including the federal resereve, the IRS, etc. When a
> MICR line does not scan (because of lack of magnetic toner) a human has
> to hand code a MICR line (with magnetic toner) that gets added to the
> bottom of your check. Most banks now add a processing fee for doing
> this. And your bank has the legal right to put a hold on your checking
> account- freezing all your checks, until you prove your checks meet
> their (the ABA) standards.
>
Jim Garrett
<dsw...@druber.com> wrote:
> Give it a try. I have never asked bankboston, and I use checkmagic with
> an inkjet printer. I have never had any beef from them.
You are the first person I can remember who has ever said s/he is
successfully using one of these programs. I checked with my two banks
and had a couple of other people check with theirs a year or two ago
and got the same response others here have been relating. None of the
banks would admit to using anything other than magnetic scanners and
all said MICR compatible ink was required to be sure of proper
processing and no surcharges. They did say the checks would be
processed -- they process damaged checks, etc, so they are capable of
handling the checks manually if they have to, but they said they would
add a per check charge if it got to be a regular thing. I seem to
recall the charge would be over a dollar a check. It's one thing, if
your check is presented directly to your bank. It's another thing
entirely if you mail a check to a payee and it goes through their
bank, the fed, etc., etc. Even if your bank does OCR the others may
not. I decided it wasn't worth the potential hassle, let alone the
direct and potential expense.
Jim
Juan Jimenez (TeamB)
write checks on toilet paper if you feel like it.
"Mark H. Granoff" wrote:
>
> I just called my bank, and asked. They said they wouldn't process such
> checks AT ALL. I told them this was balony because by law I could write
> a check on a cocktail napkin and they'd have to honor it. I refused the
> answer, and she asked someone else again. The second answer was that the
> FED would not accept the check. So, while I don't completely trust these
> answers... I was willing to buy pre-printed checks to begin with. Sigh.
> (I still think CheckMagic looks really neat though! :-)
>
> -Mark
Juan Jimenez (TeamB)
nature of the checks you write. It may be that they have done it and no
one challenged them on it, but there is no such "right." Any bank that
did that too me would find itself on the receiving end of a very nasty
lawsuit.
Randy Bondi
>*requires* the use of magnetic toner on all checks
The universal Comercial Code only requires that the check be in writing, be for
a sum certain, all needed information must be on the check(for example you
couldn't have the amount dependant on the score of a football game) it must be
made payable to someone, it must be payable on demand(no post dating of checks
is permitted), be drawn on a bank and be signed. The bank can add fees on if
they want but if it contains the above information it is a valid check and they
should honor it.
Bernie
advertises that it it will work with inkjet printers and magnetic toner doesn't
appear to be available for inkjet printers.
I checked with our credit union today and they've researched it and are simply
not certain what will happen. They have had a very few people have problems
with checks not processing correctly earlier in the bank routing stream, but
haven't pinpointed the cause yet.
Bernie
Andrew wrote:
> > Unfortunately, the advice on their site is incorrect. Federal law
73115...@compuserve.com
>That's baloney too. It may take a little longer to process, but you can
>write checks on toilet paper if you feel like it.
There is a difference between what is a legal document and what you and your
bank have agreed to in a business relationship....
Juan Jimenez (TeamB)
party, the bank does not have the right to refuse the draft if it meets
the basic ABA requirements.
Juan Jimenez (TeamB)
the bank to court because of a refusal to honor an ABA-compliant draft
against an account with suitable funds? I've signed contracts in the
past which I fully knew were not enforceable in anything but the wildest
wet dreams of the other party. It's not my job to determine if the other
party's rights are enforceable. That's their problem. If I am freely
offered a contract that puts me at a great advantage over the other
party -and- I know full well that if the unenforceable clauses are not
invoked I will fulfill the spirit of the contract, I have no problem
agreeing to it.
Jim Garrett
<fly...@home.com> wrote:
> And to further add to what I said, who do you think will win if you take
> the bank to court because of a refusal to honor an ABA-compliant draft
> against an account with suitable funds? I've signed contracts in the
> past which I fully knew were not enforceable in anything but the wildest
> wet dreams of the other party. It's not my job to determine if the other
> party's rights are enforceable. That's their problem. If I am freely
> offered a contract that puts me at a great advantage over the other
> party -and- I know full well that if the unenforceable clauses are not
> invoked I will fulfill the spirit of the contract, I have no problem
> agreeing to it.
<Yawn> The question is whether Quicken can print the MICR line on
checks. No, it can't. As for the tangential question of magnetic
ink, you may be correct about writing checks on toilet paper. For my
part, I *really* don't want to take my bank to court every time I
write check. I don't want to have to pay an extra dollar or two or
three for each check I write because my checks can't be handled
without human intervention. I don't even want to have to discuss this
stuff with my bank. When I write a check (or a dozen or a hundred)
checks, I want them to be processed quickly with no extra charges.
I'll guaran-dam-tee writing checks on toilet paper will not result in
a hassle-free relationship with *my* bank. You do it if you want.
I'll bet the bank will cash your check. Once. Then you'll be invited
to find yourself another bank.
Jim
Juan Jimenez (TeamB)
to make your bank happy". The point, which you seem to have missed
entirely, is that there are too many myths out there about what banks
can and cannot do, mostly spread by the banks themselves, to make their
lives easier at our expense, and that most of them are nothing but
fantasies. When you're trying to do something like get the bank to
reverse the emptying and closing of a child's savings account, which
they used to cover overdraft funds from a closed checking account, which
they allowed to become overdrafted (after being closed) through
unauthorized electronic debits, it always helps to know that they are
not the only ones who can cause a great deal of grief to one of the
parties. Even the best banks always have some measure of incompetency,
and it's only a matter of time until it happens to you...
Juan
73115...@compuserve.com
>When you're trying to do something like get the bank to
>reverse the emptying and closing of a child's savings account, which
>they used to cover overdraft funds from a closed checking account, which
>they allowed to become overdrafted (after being closed) through
>unauthorized electronic debits, it always helps to know that they are
>not the only ones who can cause a great deal of grief to one of the
>parties
Wow. Let it go, dude. That hostility is going to give you an early heart
attack...
Juan Jimenez (TeamB)
can and cannot do I live a very peaceful financial life. <grin> It is
precisely the knowledge that the bank does not hold all the cards which
gives me peace of mind! :)
Juan
LDG
checks. Yes, they must accept them (you'll have a hassle) AND you'll pay
through the nose. Is it worth it? Don't they already charge way too much
for services which require no human effort? I could go on and on...
Juan Jimenez (TeamB) <fly...@home.com> wrote in message
news:38DD9775...@home.com...