Federal Reserve Micr Requirements
Only the MICR line of a check must be printed in magnetic ink. The rest of the information on the check, such as the date, the payee name, and the amount, can be printed in regular, non-magnetic ink.
What are the legal requirements for a check?
For a check to be valid, the amount of the check written in numbers must match the amount spelled out in words. The date must not be more than six months in the past, and cannot be a date in the future.
Required Information on Checks | Sapling
What does the 2004 Check 21 law allow?
The Check Clearing for the 21st Century Act (Check 21) is a federal law that took effect on October 28, 2004. It gives banks and other organizations the ability to create electronic images of consumers' checks in a process known as check truncation.
Check Clearing for the 21st Century Act (Check 21) - Investopedia
What must a substitute check have?
A substitute check is a paper reproduction of an original paper check that must (1) contain an image of the front and back of the original check, (2) bear a Magnetic Ink Character Recognition (MICR) line containing all the information from the original check MICR line, except as provided in industry standards to ...
Check 21 - FAQs - FFIEC
When must you provide a check 21 disclosure?
The Law – Check 21 Act All existing consumer customers who routinely receive canceled checks in their periodic statement must be provided a disclosure no later than the first statement after October 28, 2004.
Check 21 - Foundation - FFIEC