![]() ![]() I just mention this because, at my last job, it took forever to convince the Accounting Department that the need for MICR ink/toner no longer existed. No modern financial institution in the developed world still uses magnetic check readers, so the obligation to print checks using MICR ink/toner no longer exists. Now that the Check 21 Act has been in effect for nearly 18 years, an actual MICR printer is a very rare sight. After the ( ) was passed, the ability for financial institutions to accept and create "substitute checks" (electronic images of checks that are wholly substitutes for physical checks), the necessity of MICR printers started a rapid decline.
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