Magnetic Ink Character Reader (MICR) is an input device widely used by banks to process large volume of checks and deposit forms written everyday. It consists of special ink called magnetic ink (i.e. an ink that contains iron oxide particles) is used to write characters on the check and deposit forms to be processed by an MICR. IT is capable of reading characters which are compared with special potter stored in the memory to identify the characters. The identification number of the bank and the depositorâ€™s account number are printed by the magnetic ink on the lower left side of the check before the checks are issued. With the same magnetic ink the amount received from the customer is printed on the lower right side of the check by the bank employee. When a check is entered into an MICR, it passes through a magnetic ink. It interprets the characters and sends the corresponding data directly to the computer for processing. In this way MICR makes job of the bank easy.
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