More MICR Approval Data
Did you know that banks recycle account numbers?
Kathy Coates of Fremont California didn't know this, and if she had she might have figured out what was going on at the point-of-sale more quickly.
"I recently opened a checking account at a local bank. When I wrote checks at various local stores, I was told the checks were unacceptable due to previous bounced checks on that account. Since the account was newly opened, the bad checks were not written by me.
I called my bank and was told I had been given a "recycled" checking account number. The person before me had abused the account, and now I was stuck with the problems."
Incorrect consumer declines are a growing problem with the use of MICR numbers as the ID for check approval at the point-of-sale. Consumers with these "recycled or problem" checking accounts are regularly being asked for drivers license ID once the checks are declined, slowing down the electronic process, and creating a burden for the merchant and embarrassment for the consumer.
[Go Back]
