Does anyone here print their own business checks? (1 Viewer)

[BassNBrew]

By printing I mean the account and routing number on the check stock in addition to the usual stuff. The bank says they need to be printed with magnetic ink in order to be read electronically. The manufacture of our current printer (laser) says they don't support magnetic ink. They did say their ink has iron ferrite in it. Can anyone with knowledge give me a quick primer on the process for printing your own checks and is it cost effective. My other option is to spend close to a rack ordering checks and have to track 10 different account numbers.

 

[ThreeThousand]

By printing I mean the account and routing number on the check stock in addition to the usual stuff. The bank says they need to be printed with magnetic ink in order to be read electronically. The manufacture of our current printer (laser) says they don't support magnetic ink. They did say their ink has iron ferrite in it. Can anyone with knowledge give me a quick primer on the process for printing your own checks and is it cost effective. My other option is to spend close to a rack ordering checks and have to track 10 different account numbers.

I don't personally print my own checks, but did design our company's current check-writing process. Step 1 would be to take one of your existing live checks, void it, and send it to your bank to make sure that they can read it. If they can't, you're likely screwed and will have to reorder checks.

The other thing I'd make sure of (and I don't know jack about the size of your business) is that you have the appropriate segregation of duties in place. You don't want one individual with access to the cash account reconciliations, check printing process, and signature process (we segregate the printing/review process with unsigned checks, with the printing of live checks, with the review of the account recs). LMK if you want more details, I likely can scrounge up a sanitized overview of our process if you want it.

 

[byoder]

By printing I mean the account and routing number on the check stock in addition to the usual stuff. The bank says they need to be printed with magnetic ink in order to be read electronically. The manufacture of our current printer (laser) says they don't support magnetic ink. They did say their ink has iron ferrite in it. Can anyone with knowledge give me a quick primer on the process for printing your own checks and is it cost effective. My other option is to spend close to a rack ordering checks and have to track 10 different account numbers.

I used to do this when we prepared payroll checks. Like the bank said, you'll need to use MICR toner or ink if you are printing account and routing numbers. Do you have an office supply store or copier store that you deal with? They may have something that is compatible with your printer. I don't remember what the costs were but I remember the MICR toner that we purchased was quite a bit more than the regular toner cartridges, but it was better than buying checks for each account.

 

[Bucks]

3rd party MICR Toner is available for all common laser cartridge sizes. But, yeah, it does cost more, which removes some of the cost savings. Plus you are still going to want to use safety feature blank check stock so net you aren't going to save much if any money. And you will need check printing software that supports printing the MICR font. From my experience the primary benefits to consider using it are: 1) If you have 2 more bank accounts to cut checks so there is value in the convenience of having one paper stock loaded in the printer and you just cut checks on demand from whatever account needed. 2) No printed check stock eliminates a lot of check fraud when the checks are accessible in an unsecured area. Often insiders will put out an inch of checks at the bottom of a box of checks so the missing checks go undetected until they start getting cashed. 3) You want to print checks to a remote printer for some reason. Like a main office printing payroll checks directly to a branch office for local disbursement.

Also 4) if you need to close and open a new account you can immediately start printing new checks without wasting check stock and waiting for new stock delivery.

 

[Controller]

I set up my last three employers for micr printing. It is a great option.

In all three cases,I got the printers and lots of help setting them up from Troy printers. They modify HP printers to handle the magnetic toner. Here is their website: www.troygroup.com

Gods luck.

 

[BassNBrew]

3rd party MICR Toner is available for all common laser cartridge sizes. But, yeah, it does cost more, which removes some of the cost savings. Plus you are still going to want to use safety feature blank check stock so net you aren't going to save much if any money. And you will need check printing software that supports printing the MICR font. From my experience the primary benefits to consider using it are: 1) If you have 2 more bank accounts to cut checks so there is value in the convenience of having one paper stock loaded in the printer and you just cut checks on demand from whatever account needed. 2) No printed check stock eliminates a lot of check fraud when the checks are accessible in an unsecured area. Often insiders will put out an inch of checks at the bottom of a box of checks so the missing checks go undetected until they start getting cashed. 3) You want to print checks to a remote printer for some reason. Like a main office printing payroll checks directly to a branch office for local disbursement.

Also 4) if you need to close and open a new account you can immediately start printing new checks without wasting check stock and waiting for new stock delivery.

I have 10 plus bank accounts and it could grow to more. All but one will be low volume. The quote for 250 checks is $138. I'm tripping over check ledgers books in the office.

 

[BassNBrew]

By printing I mean the account and routing number on the check stock in addition to the usual stuff. The bank says they need to be printed with magnetic ink in order to be read electronically. The manufacture of our current printer (laser) says they don't support magnetic ink. They did say their ink has iron ferrite in it. Can anyone with knowledge give me a quick primer on the process for printing your own checks and is it cost effective. My other option is to spend close to a rack ordering checks and have to track 10 different account numbers.

I don't personally print my own checks, but did design our company's current check-writing process. Step 1 would be to take one of your existing live checks, void it, and send it to your bank to make sure that they can read it. If they can't, you're likely screwed and will have to reorder checks.

The other thing I'd make sure of (and I don't know jack about the size of your business) is that you have the appropriate segregation of duties in place. You don't want one individual with access to the cash account reconciliations, check printing process, and signature process (we segregate the printing/review process with unsigned checks, with the printing of live checks, with the review of the account recs). LMK if you want more details, I likely can scrounge up a sanitized overview of our process if you want it.

Checks require two signatures, four people have authority to sign. I'm the only person with authority to cut checks, sign checks, and reconcile. My book keeper has been here for 5 years. She can sign and cut checks.

 

[BassNBrew]

I set up my last three employers for micr printing. It is a great option.

In all three cases,I got the printers and lots of help setting them up from Troy printers. They modify HP printers to handle the magnetic toner. Here is their website: www.troygroup.com

Gods luck.

Thank you and thanks to everyone else for the information. I was shocked at how little the bank knew about the process.