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Difference between ordinary cheque and micr cheque?

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∙ 12y ago

Updated: 9/28/2023

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Q: Difference between ordinary cheque and micr cheque?

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Why is micr used in banks?

MICR stands for Magnetic Ink Character Recognition. It is a system using which magnetic readers can easily identify the bank that issued the cheque and other details reg. the cheque. All banks use MICR codes in their Cheques.

Is account number included in micr of cheque?

No. The bank account number is not part of the MICR in a cheque. MICR stands for Magnetic Ink Character Recognition and it is used to uniquely identify the issuing bank as well as details of the customer. But, the number printed on the cheque does not contain the account number of the customer. In all the new cheques issued by banks, the account number is separately printed out.

How is MIcr used by banks in check processing?

It prints numbers at the bottom of a cheque.

What do you mean by MICR check?

MICR stands for Magnetic Ink Character Recognition In olden days cheques were validated and passed manually. The account numbers had to manually validated and tagged. This MICR is a magnetic code that is printed on the bottom of the cheque. When the cheque is placed under a MICR reader, the machine would automatically identify the account number and details of the person who issued the cheque. This aids in faster processing of cheques. Also counterfeit cheques would not be passed by this way.

What is the difference between MICR and OCR?

MICR stands for Magnetic Ink Character Recognition. OCR stands for Optical Character Recognition. The former uses magnetic ink, the latter doesn't.

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