what is the purpose of the magnetic ink characters encoded along the bottom of the check.
2006-06-26 04:22:53 · 7 answers · asked by Anonymous in Education & Reference ➔ Homework Help
send me a bunch of blanks ones, and I'd be happy to fill them out for you!
2006-06-26 04:28:02 · answer #1 · answered by mike82248 3 · 0⤊ 0⤋
All banks are assigned a routing number by the Fed [the Federal Reserve Bank]. Banks do not transfer money bank to bank without letting the Fed know.
The account number determines what account to take the funds from to be transferred. The receiving bank will have taken the check from the recipient (the person or business or "legal entity") you wrote the check to and found their account number.
The different numbers are for different levels of record keeping.
Routing for the Fed,
Account for the bank,
and Check for you.
In processing a check -- well, if written to a person with an account at a different bank--, the receiving bank is saying to the Fed, "Hey take some money from Such&Such bank and Miss so&so's account and give it to us cause we have a check which says our account holder was given those funds." And computers all around reflect changes in account balances.
2006-06-28 09:11:21 · answer #2 · answered by quntmphys238 6 · 0⤊ 0⤋
Those numbers are called the routing numbers. They show what bank the check is from, and the account number at that bank.
The chack has to have a few things - you have to fill in the date at the top, you have to write who you're paying on the line that says PAY TO THE ORDER OF, write the amount of the check after their name, and on the long line below, write out those numbers in English. (For instance, a check for $12.95 sould be written out "twelve and 95/100s") And finally, you have to sign it.
2006-06-26 11:28:31 · answer #3 · answered by Stuart 7 · 0⤊ 0⤋
Three sets of numbers along the bottom.
One is the account number, one is the bank routing number and the other is the check number.
2006-06-26 11:25:53 · answer #4 · answered by Jasmine Lily 5 · 0⤊ 0⤋
OK because ur a blonde doesnt have nething to do with it. i am a blonde and i know how i taught my self how to fill out a check.
2006-06-26 11:26:43 · answer #5 · answered by *briTt* 2 · 0⤊ 0⤋
that is the routing number to your bank, and a routing number to your account, and the check number.
2006-06-26 11:27:16 · answer #6 · answered by Robsthings 5 · 0⤊ 0⤋
it is called MICR
2006-06-26 11:31:55 · answer #7 · answered by ernestg1 1 · 0⤊ 0⤋