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Overview
Generic MICR Fundamentals Guide
1-9
7. Checks drawn on other banks are sent to the payor bank
through a clearing (7) arrangement. The check may be
cleared through the Federal Reserve, a correspondent bank,
a clearing house, or directly by the issuing bank.
The payor bank also balances the check against the deposit
ticket (proof of deposit) (7a) to verify the check amount, and
performs its capture pass (7b) on the reader sorter in order to
identify the issuer account (7c). (Refer to the “Proofing
checks” section of chapter 5 for more information on this part
of the process.)
8. In most cases, the check is debited from the issuer account
and moved to bulk filing (8), where it is stored until time for
monthly statement rendering.
From this point forward, an On-Us item is treated the same as
one that was cleared to another bank.
Two exceptions may occur:
•
If the payor bank does not honor the check, it is returned
(9) through the BOFD to the payee. The amount is then
deducted from the payee account.
•
During reconciliation, the account holder may discover a
discrepancy (10) between its records and those of the
bank. Their bank then researches any discrepancies.
NOTE: Account holders may contract with their banks to
perform reconciliation before clearing the check.
Production cycle of a check
The check production process starts as soon as the need is
identified. Design requirements should comprehend purchasing,
distribution, warehousing, manufacturing, internal and external
processing requirements, and the needs of the check issuer.
Banks frequently require new corporate accounts to submit
checks for approval before the banks approve the account.
The following steps, illustrated in figure 1-4, describe the typical
process that is required before the first negotiable checks are
delivered to the payee.
Содержание 6100BD - Phaser Color Laser Printer
Страница 1: ...January 2003 701P22140 Xerox Document Services Platform Generic MICR fundamentals guide...
Страница 17: ...Overview Generic MICR Fundamentals Guide 1 7 Figure 1 2 Life cycle of a check...
Страница 22: ...Overview 1 12 Generic MICR Fundamentals Guide...
Страница 46: ...Paper facts 3 18 Generic MICR Fundamentals Guide...
Страница 74: ...Document design 4 28 Generic MICR Fundamentals Guide...
Страница 86: ...Document processing 5 12 Generic MICR Fundamentals Guide...
Страница 102: ...Quality control 6 16 Generic MICR Fundamentals Guide Figure 6 11 Examples of extraneous ink spots...
Страница 105: ...Quality control Generic MICR Fundamentals Guide 6 19 Figure 6 12 E13B characters and waveforms...
Страница 146: ...Security 8 18 Generic MICR Fundamentals Guide...
Страница 150: ...References A 4 Generic MICR Fundamentals Guide...
Страница 164: ...Glossary Glossary 14 Generic MICR Fundamentals Guide...