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If you look closely at the bottom left of a check, you’ll notice a string of nine numerals. Known as the bank routing number, this line of digits is an essential part of everyday financial life. You may not know your bank’s routing number by memory in the same way as your Social Security number or debit card PIN, but your bank routing number works behind the scenes of the banking system in important ways. Your bank routing number helps you move money. It enables you to get paid and pay bills. And it helps the banking system process transactions. Anytime money needs to go into or out of your bank account, your bank routing number helps make it happen. Here’s more info about bank routing numbers and how they work as part of the banking system. What Is a Routing Number?The bank routing number—often called the ABA routing number, where ABA stands for the American Bankers Association—is your bank’s special identification number. Just as individuals in the U.S. have a Social Security number or Taxpayer Identification Number, banks have ID numbers called routing numbers. ABA routing numbers are symbols of quality and legitimacy. These numbers are issued only to federal or state-chartered financial institutions eligible to maintain an account at a Federal Reserve Bank. Your bank’s routing number proves that it’s a legitimate chartered financial institution to the banking system. Bank routing numbers help banks recognize each other and help make transactions possible. These numbers also help ensure trust in the banking system. Sellers can have confidence that they will get paid with funds from a legitimate bank, and buyers can prove that their money is ready to go. In the same way you might need to show your ID to make a purchase or cash a check, the bank routing number is your bank’s ID. It helps other banks, merchants and anyone who needs to send or receive money verify that the money routes to or from the right bank. Bank routing numbers also help make sure that the banking system functions. These identifying numbers allow transactions to get processed more smoothly while avoiding confusion, delays or misunderstandings between buyers and sellers. How Many Digits is a Routing Number?An ABA routing number has nine digits. This nine-digit number has three components. The first four digits are the Federal Reserve Routing Symbol, the second four digits are the ABA institution identifier and the final digit is what’s called a check digit that is used to prevent transaction errors. Where Is the Routing Number on a Check?Your bank’s nine-digit routing number usually appears in the lower-left corner of every check in your checkbook. The number to the right of the routing number is your checking account number. Be careful not to get these numbers confused since it could cause a delay in your payment or deposit. Where to Find Bank Routing Numbers Without a CheckIf you don’t have your checkbook handy or don’t use paper checks, there are a few other ways to get your bank routing number:
Types of Routing NumbersSome banks maintain different routing numbers for paper checks, electronic or ACH (Automated Clearing House) transactions, though many institutions use the same number. If you want to obtain a routing number to set up a transaction, your bank may ask what type of transaction you wish to make or which kind of account you need a routing number. ABA Routing NumberThe ABA routing number, sometimes called the check routing number, helps banks easily exchange funds and process checks and other transactions. ACH Routing NumberThe ACH routing number, also called the electronic routing number, is used for electronic transactions. This may be the same as your bank’s ABA routing number. If you need to make a wire transfer, your bank may have a different routing number for that type of transaction. When You May Need Your Bank Routing NumberGenerally, your bank’s ABA routing number isn’t something you need to use every day, and you only need to know or enter your ABA routing number for certain types of transactions, such as wire transfers or ACH transactions. Here are a few types of transactions when you might need to obtain and enter your bank routing number:
ACH transfers are a fast, low-cost (often free) way to move money between banks. Things You May Not Know About Bank Routing Numbers
Bottom LineBank routing numbers are not something that most people think about in everyday banking transactions, but they serve an important purpose. These nine-digit numbers help banks identify each other, build trust in the banking system, avoid errors and delays and generally help everyone’s deposits and payments go where they need to go. Next time you need your bank’s ABA routing number to set up a new account or complete a purchase, you’ll know where to find it: at the bottom of every check, on your bank’s website or in your monthly statement. Find The Best Online Banks Of 2022Frequently Asked Questions (FAQs)Does everyone have the same routing number?Banks may have multiple routing numbers, using different routing numbers for other regions, types of accounts or transactions. Check with your bank to ensure you have the correct routing number for the account you want to use and the transaction you wish to make. Do all banks give you a routing number?Yes, so long as your bank is eligible for an ABA routing number, your bank should give you a routing number that you can use to process ACH payments, wire transfers and other transactions. How do you find the routing number on a debit card?You can look up your routing number on your latest bank statement or via your bank’s mobile app or online banking website. You can also call customer service. |