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Automatic Teller Machine Accepts MICR Check Encoding

IP.com Disclosure Number: IPCOM000042645D
Original Publication Date: 1984-Jun-01
Included in the Prior Art Database: 2005-Feb-04

Publishing Venue

IBM

Related People

Authors:
Coates, RE Svigals, J [+details]

Abstract

Check handling by tellers is time consuming and current check-handling procedures with automatic teller machines require that two clerks open and clear the depository contents. By adding a check MICR reader facility to an automatic teller machine, the customer can enter details supplementing the information on the MICR line. The entered information can be utilized as an audit trail following the check. One person can process deposited checks, the MICR audit trail providing security. The MICR information can also be utilized to issue cash when, for example, cashing a payroll check. The amount of cash issued will be limited alternately to a ceiling value or the line of credit extended to the customer using the automatic teller machine.