PeopleImages/Getty Images Show Routine banking transactions like online bill payments, check processing and wire transfers require a bank routing number. Here’s an explanation of what a routing number is and how it works. What is a routing number?A routing number is a nine-digit bank identification number. Think of it as a numerical address that allows a bank to send and receive money from other financial institutions. The routing number identifies the financial institution responsible for the payment and ensures that funds go to the right place. Routing numbers were developed by the American Bankers Association in 1910 for processing checks. They’re also known as ABA routing numbers or routing transit numbers. Today, routing numbers are used in numerous banking transactions, such as direct deposits, wire transfers, payments using applications like Venmo, payments made by phone and more. Each routing number is unique to one financial institution and helps avoid confusion. Routing numbers ensure that checks intended for Citibank don’t go to CIT Bank, for example. A bank or credit union may have more than one routing number. This is often the case with big banks like Bank of America and Chase Bank, which have two routing numbers in some states. Banks also can have separate routing numbers for different types of transactions — one for processing paper checks and another for wire transfers, for example.
When you’ll need your routing numberBy knowing what a routing number is and where to find it, you’ll be able to complete a variety of banking transactions with ease. Routing numbers are used for lots of everyday banking tasks, including:
How to find a routing numberBecause bank routing numbers are used for so many transactions, you should know how to find your bank’s. How to find a routing number with a checkIf you have a paper check, you can find the routing number easily. It appears in the bottom left corner of your check. It’s the first set of nine numbers and begins with a 0, 1, 2 or 3. The second set of numbers is your account number, and the third set is the check number. These sets of numbers are clearly separated. How to find a routing number without a checkFewer bank customers use paper checks these days. Let’s say you want to pay your electric bill by phone or set up direct deposit of your paycheck but don’t have a paper check to refer to. There are other ways to get a bank routing number. Unlike personal account numbers, a routing number is not private information, so your bank has to share it with you. Some banks make it easy to find routing numbers; with other banks, it can take a little more effort.
Bank of America routing numbers
Source: Bank of America Chase Bank routing numbers
Source: Chase Bank Note: For states not listed, check with a local branch, call Chase to confirm your routing number, or refer to a check or the Chase mobile app. Wells Fargo Bank routing numbers
Source: Wells Fargo |