time@ice.com (02/10/91)
In article <360@alchemy.UUCP>, hzink@alchemy.UUCP (Harry K. Zink) writes: > I have heard, though, that these numbers need to be in magnetic ink, which > precious few laserwriters handle. My question now concerns if the check > *needs* this magnetic ink in order to be legally useable. I do not see why it > shouldn't be possible to create your own checks, as, from what I understanmd, > any document with your signature and the words 'make payable to' is pretty much > considered a check (this is based on the humorous accounst of people sending > the government or utility companies 'checks' made out on their shirts or their > underwear - and they get cashed.) > > So, what is the real scoop on this subject? It is absolutely true that most banks require magnetic ink on the checks that they process. On the other hand, banks are required to cash all checks written against their bank. So what happens, depending on your bank, is that they either charge you a "procesing fee" for the non-standard check, thus far exceeding the cost of any pre-made checks, or as in the case of most credit unions, you sign a form indicating that you will use only valid checks with magnetic inking and all other checks are rejected. You can purchase magnetic ink cartridges for you laserwiter, but once you consider the costs, its not really worth it. It only cost me $100 for 500 checks with custom fitting envelopes! At 2 cents per check and envelope, I found it difficult to justify doing anything myself (and I got pretty colors :) tim. ------------------------------------------------------------- Tim Endres | time@ice.com ICE Engineering | uupsi!ice.com!time 8840 Main Street | Voice FAX Whitmore Lake MI. 48189 | (313) 449 8288 (313) 449 9208
hzink@alchemy.UUCP (Harry K. Zink) (02/10/91)
I have a rather interesting question (at least I think it is) concerning checks for money management software. Someone on here mentioned the rather high costs for computer printable checks, so I was wondeirng why not make your own. After all, almsot anyone with a Mac has access to the proper page layout programs, and Adobe even makes a nice font that is the same then the one use on checks. I have heard, though, that these numbers need to be in magnetic ink, which precious few laserwriters handle. My question now concerns if the check *needs* this magnetic ink in order to be legally useable. I do not see why it shouldn't be possible to create your own checks, as, from what I understanmd, any document with your signature and the words 'make payable to' is pretty much considered a check (this is based on the humorous accounst of people sending the government or utility companies 'checks' made out on their shirts or their underwear - and they get cashed.) So, what is the real scoop on this subject? Harry/s uucp : ucrmath!alchemy!hzink | Achieve True Wealth and Financial Independence! INET : hzink@alchemy.uucp | Intrigued? - Send E-Mail! -----------------------------+------------------------------------------------ Wesley: "Captain, this doesn't look like the holodeck to me." Worf: "Ready to cycle airlock, Captain." Picard: "Make it so."
woody@nntp-server.caltech.edu (William Edward Woody) (02/10/91)
In article <1CE00001.qhffxx@tbomb.ice.com> time@ice.com writes: > >In article <360@alchemy.UUCP>, hzink@alchemy.UUCP (Harry K. Zink) writes: >> I have heard, though, that these numbers need to be in magnetic ink, which >> precious few laserwriters handle. My question now concerns if the check >> *needs* this magnetic ink in order to be legally useable. I do not see why it > >It is absolutely true that most banks require magnetic ink on the >checks that they process. On the other hand, banks are required to >cash all checks written against their bank. I'm sorry for following up here with this, however... I believe the purpose of the magnetic ink at the bottom of your check is to simplify the bank's job of processing the large volume of checks most banks must process in a given day. The magnetic ink does not make the check a legal document, nor do all checks get successfully read in by the processing automation. 'Nuf said. Anyways, if you all are going to go out there and start printing your own checks, remind me never to send you a check on my account for payment to you, as it's just too easy nowadays for anyone with a laserprinter and a little spare time (especially if they've done most of the work making their own checks) to simply copy my account number to the bottom of their check. And as only a small fraction of the checks processed ever have the signature verified against the signature on file, I'd be a bit worried about the possibilites of forgery. Flames to /dev/null. -- Bill -- William Edward Woody | Disclamer: USNAIL P.O.Box 50986; Pasadena, CA 91115 | EMAIL woody@tybalt.caltech.edu | The useful stuff in this message ICBM 34 08' 44''N x 118 08' 41''W | was only line noise.
knapp@cs.utexas.edu (Edgar Knapp) (02/11/91)
In article <1CE00001.qhffxx@tbomb.ice.com> time@ice.com writes: [..] >It only cost me $100 for 500 checks with custom fitting envelopes! >At 2 cents per check and envelope, I found it difficult to justify >doing anything myself (and I got pretty colors :) > >tim. Sorry to burst your bubble, but at that price ($100 / 500) you are paying ten times as much as you think. Are the colors worth it? Edgar (knapp@cs.utexcas.edu)
time@ice.com (02/11/91)
In article <17778@cs.utexas.edu>, knapp@cs.utexas.edu (Edgar Knapp) writes: > Sorry to burst your bubble, but at that price ($100 / 500) you are > paying ten times as much as you think. Are the colors worth it? > > Edgar Sorry, late nite math (w/ Letterman of course). 20 cents/check it is. Oh, and you need to consider I am already paying 6 cents for the checks the bank sells me ($14+ per 250). Considering this it works out the same with 14 cents per envelope. Not too bad. Yes they are worth every cent. I would pay up to 50 cents per check for the convenience of automated bill payment. Of course, these checks are for a company. For personal use, I would think about it (although probably still try it out). tim. ------------------------------------------------------------- Tim Endres | time@ice.com ICE Engineering | uupsi!ice.com!time 8840 Main Street | Voice FAX Whitmore Lake MI. 48189 | (313) 449 8288 (313) 449 9208