Shell split character line by line

while read line
do
account=`echo "$line"| cut -c1-9`'|'
account+=`echo "$line"| cut -c10-44`'|'
account+=`echo "$line"| cut -c45-45`'|'
account+=`echo "$line"| cut -c49-79`'|'
account+=`echo "$line"| cut -c47-49`'|'
account+=`echo "$line"| cut -c80-82`'|'
account+=`echo "$line"| cut -c83-117`'|'
account+=`echo "$line"| cut -c47-49`'|'
account+=`echo "$line"| cut -c118-147`'|'
account+=`echo "$line"| cut -c148-149`'|'
account+=`echo "$line"| cut -c150-158`'|'
account+=`echo CITI`
echo "$account" >> $SYB_DATA/Pershing/processed/HnwFeedAcct.dat
done < $SYB_DATA/Pershing/processed/Prsh_FeedAcct.dat