ABA bank fraud committee warns of improper check publishing ink
WASHINGTON- According to the American Bankers Association (ABA) Deposit Account Fraud Committee, some questionable check publishing software manufacturers are not recommending the proper magnetic ink required to process checks in high-speed equipment often found at banks and retailers, causing hassles for consumers and businesses alike. Improper printing slows down the systems and can cause serious delays in clearing and posting of checks. Special magnetic ink enables machines to process approximately 65 billion checks written in the U.S. each year at speeds of more than 60 miles per hour. The problem also causes retailers to question the validity of the check. To avoid problems the Accredited Standards Committee X9, an industry-wide forum codifying nationally accepted standards, is offering the following tips when purchasing desktop publishing software for printing checks: * Beware of any check printing software that says you don't need magnetic ink; * Consult your bank before making any change to your check design; * Ask your bank for its check printing requirements; * Check the references of any desktop publishing company you deal with; * Ask your bank for its recommendations of software companies, paper check stock and magnetic ink toner; and * Use the American national check standards developed by ASC-X9. See www.X9.org for more information.