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Why indeed sovcit. (lemmy.world)

submitted 3 months ago by [email protected] to c/[email protected]

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[–] [email protected] 5 points 3 months ago (1 children)

If its "technically a ... check", and it has account number and routing numbers on it, and you're passing it off as a check, and its not a check, that's call Check Fraud and the Federal Trade Commission will be interested in you very soon.

[–] [email protected] 3 points 3 months ago* (last edited 3 months ago) (1 children)

Also, they are not required to accept a non-standard check (at least in America where this SovCit probably is) and have not had to for decades. People have done things like carve a check to the IRS into a boulder and the U.S. government got sick and tired of it.

[–] [email protected] 1 points 3 months ago (1 children)

Well, I think the US Government has to accept those weird checks, as do banks. There's 7 or 8 check components. Technically, I don't think your name or the bank's name is necessary. The routing number and account number will probably find you.

https://www.nerdwallet.com/article/banking/understanding-the-parts-of-a-check

That doesn't mean the bank won't close your account after you deposit your rock or potato or whatever.

[–] [email protected] 0 points 3 months ago (2 children)

MICR refers to the formulation of magnetic toner or ink used to print the special font at the bottom of checks. Different from regular ink or laser toner, MICR ink and toner contain magnetic iron oxide, a requirement of the Federal Reserve, making check-clearing a more efficient process.

...

According to the Federal Reserve and the Accredited Standards Committee, X9 Inc. for financial industry standards, a check must contain MICR for it to be treated as a cash item.

If your business is currently printing its own checks, you must use proper MICR toner or ink to ensure they are compliant with the processing procedures of the banking system.

https://www.sourcetech.com/blog/why-micr-line-required-checks

[–] [email protected] 1 points 3 months ago

It's not required to have special ink. You can just print checks at home. You are posting something from a company that sells the special printers. Banks accept checks with regular ink (from cheap companies) all the time.

[–] [email protected] 0 points 3 months ago (1 children)

If that were indeed the case then how come so many banks now take online check deposits with just photos of checks? Just this afternoon I deposited a check via my banks smartphone app. I endorsed the check, took photos of both the front & back, and the app sent them to the bank. In a few days I’ll get an email confirmation that the check was deposited.

[–] [email protected] 0 points 3 months ago (1 children)

You'd have to ask the Federal Reserve. I don't make their rules.

[–] [email protected] 1 points 3 months ago

Slacker