How are you issuing or printing checks in the branch?
Official checks. You also know them as cashier’s checks, counter checks, teller checks and certified checks. Regardless of the type of official check, the process of issuing or printing checks is usually painful for both the customer and the teller due to the amount of time it takes. Most financial institutions still use pre-printed checks and a laser printer, dot matrix printer or (believe it or not) a typewriter to issue official checks.
What is the most common official check issuance process today?
Let’s say a customer comes into the branch to get a cashier’s check. The customer approaches the teller line, and makes his request. The teller unlocks her drawer, removes a blank official check, and locks the drawer back. The teller takes information from the customer about the cashier’s check, such as pay-to and the amount. The teller then walks away from the customer to place the blank check into a printer (or typewriter) and waits while the information is printed onto the check. If all the information is aligned and prints correctly, the teller gives the completed check to the customer along with a receipt of the transaction. The teller keeps a credit copy to submit with the daily work. This process usually takes 8-10 minutes. If the check doesn’t print correctly or there is a mistake, the process must be repeated. The current process for issuing and printing checks is time consuming and inefficient.
Cut transaction time by 75% with a secure MICR check printer
With a secure MICR check printer, the time it takes to issue an official check is drastically reduced because the check is printed on-demand. No pre-printed checks are involved. In this scenario, the customer approaches the teller line and makes his request. The teller takes the pay-to and amount information and simply selects “Print.” The MICR printer automatically prints the entire check – the static data, variable data and MICR line – all at once in a single printer pass. The issuance data is captured electronically and automatically sent to the right systems for compliance, audit and positive pay requirements. With the MICR check printer technology in place, the process takes 2 minutes.
Beyond the time savings realized by both the teller and the customer in the check printing process, the integration with back office systems means a significant increase in efficiencies, and a decrease in potential human error. With a MICR check printer you can avoid time-consuming reconciliation of unaccounted-for blank checks, voids or having to devote manpower to securely storing and distributing blank checks.
When it comes to issuing or printing checks in a bank branch, the most efficient way is to use a secure MICR check printer. Not only will you save time during the transaction, but you will save time and money on the reconciliation process, reduce the risk of check fraud and reduce the amount of manual processing.
To learn more about a MICR check printer and secure MICR printing solutions, contact us today.