( Finance : Banking )
The MICR encoding is found in the lower right corner of the check, with the check amount.
MICR encoding is printed on transaction items such as checks and deposit tickets and read by computers
or optical scanners for rapid processing of the items.
The MICR encoding of a check is the magnetic ink pattern at the bottom that can be scanned and that
contains information about the check.
Collins English Dictionary. Copyright © HarperCollins Publishers