Credit and debit card transactions in Canada are usually handled using MICR cheques. The reason being that, with the help of this type of cheque, people are able to create multiple versions of their cheques. Merchants and financial institutions both require that each transaction that leaves their business be covered by a MICR cheque. In fact, it is possible for you to have all your banking transactions covered by the MICR code on cheque number, which comes in the format of hexadecimal number.

If you are planning on opening a new account at a particular financial institution, it is best if you check with their customer service department before you apply for one. It is also advisable to know what kind of processing procedures they follow to process your cheque. A good banking institution will normally require a cheque number before processing your application. There are a number of places where you can get a hold of such cheques. They include some of the financial institutions such as Canadian Money Marts, PC Financial Services (Pricewatercom), and PC Bank Direct, among others.

A good way to ensure that you will get a correct cheque number is to make sure that you have a copy of your credit or debit card. This is because, if you apply for a cheque at a particular financial institution and you do not have an updated copy of your credit or debit card, the system will not accept your cheque and, therefore, the transaction will go unsuccessful. As a result, you may have to pay for a wrong cheque and, worse, you might be billed for a charge-back when the fraudulent transaction was not authorized.