Routing numbers are nine-digit identifiers in a financial transaction, that identify your bank or credit union. The banking industry adopted the numbers around 1910 to make transactions faster and more efficient. The chances of misinterpretation are lessened because each bank has a unique number allocated to it. Because of their various routing numbers, even if two banks have similar names, they are clearly distinguishable.
The routing number (sometimes known as an ABA routing number, after the American Bankers Association) is a nine-digit code that banks use to identify individual financial institutions in the United States. This number verifies that the bank is a federal or state-chartered institution with a Federal Reserve account.
IN WHICH CIRCUMSTANCES DO YOU NEED YOUR ROUTING NUMBER?
When setting up direct deposit, automatic loan payments, or regular transfers like bill payments, you’ll need your routing number.
Additionally, you will require it to conduct Automated Clearing House, or ACH, transactions between bank accounts or to receive your tax return or deduct a tax payment when you file your taxes.
Your routing number is only required for direct bank account transfers; it is never required for debit or credit card purchases.
HOW TO GET YOUR ROUTING NUMBER?
Your routing number is located in the lower left-hand corner of your personal checks. It is the long string of integers that has the first nine digits. Your routing number, account number, and check number are all listed in that string of numbers, which is known as the magnetic ink character recognition line.
Your routing number can also be found in the following locations if you don’t have a check on hand:
Your bank’s statement
Your bank’s website or mobile app
Using the telephone customer service of your bank
Routing number search provided by the American Bankers Association
Routing numbers sometimes alter, so be cautious. The number associated with your account may change if a financial institution closes branches, changes the way it does business, or changes the purpose of a routing number. To avoid giving someone the incorrect number, verify your routing number with your bank before using it.