Payment Glossary

MICR (Magnetic Ink Character Recognition)

The information printed on a check in magnetic ink. The MICR information helps MICR scanners retrieve important information from the check including the routing number, account number and check number. Special magnetic ink toner cartridges are used by check printers as well as authorized users of check by phone systems.

Related Terms

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    The Consumer Financial Protection Bureau (CFPB) is a government agency that is responsible for protecting consumers from questionable financial practices.

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