The Federal Reserve Bank should support the practice of full-field repair of rejected paper checks, an initiative that would reduce the cost and improve the efficiency of our payments system.

Full-field repair refers to the practice of replacing the entire magnetic ink character recognition lines on rejected checks that are rejected. The MICR line encompasses four reference numbers: the bank's American Bankers Association's number, the checking account holder's checking-account number, the check number, and, finally, the dollar amount of the check.

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