A routing number is a unique nine-digit number assigned to a bank or credit union so that it can send to and receive money from other financial institutions. This number, which is also referred to as RTN (Routing Transit Number) or ABA (American Bankers Association), identifies the location where the particular account was opened. Whenever you try to make an online payment or payment by phone, you will be asked for this checking account routing number.
Where to Find This Routing Number?
- You can find this US bank routing number on your check book. The routing number is part of the magnetic ink character recognition or MICR. It’s the first set of numbers printed on the bottom of your checks on the left side.
- When you log in to internet banking, you can see full account number and routing number in your checking account transactions page under the link “I’d like to”.
How Is It Useful?
There can be banks with similar sounding names like the Bank of America and American Bank. Routing numbers help bank staff and the machines to process checks in knowing exactly where the money is supposed to go. This ensures that checks intended for Bank of America and American Bank never go to the wrong place even by mistake. Here is the entire list of US Bank routing number details for your reference.
Where Is Routing Number Used?
This number is used for lots of everyday tasks like-
- Online bill payments
- Check processing
- Wire transfers
- Direct deposit
Where can you find the US Routing Number details?
Routing numbers were originally created by the American Bankers Association in 1910. The basic purpose of it was to make check processing easier and secure. It was a kind of identification number, which was used to uniquely identify the paying bank. With the foundation of Federal Reserve, a Federal Reserve number was added to each bank’s routing number. This Federal Reserve routing symbol specifies the type of institution and the Federal Reserve district in which the account was opened. the US Bank routing number will be different from US Bank wire transfer number for international purposes.
Check Processing Becomes Near Instantaneous
Back then, when computers were not used, this method sped up check processing. With the passage of Check 21 Act somewhere during the 1960s and the ability of banks to make electronic copies of checks for transportation, rather than sending paper copies, made processing almost instantaneous. With the internet, the things became lightning fast.
With convenience came problem too. Most banks’ routing number floated on their websites. This is keeping in mind the convenience factor as when people want to wire them money, they need that information. But the problem comes when someone has your account number too. With the knowledge of both these numbers, you can actually have access to someone’s individual account. This way of making payments by letting others pull money from your account by providing them with these two numbers is definitely convenient, but if this information falls into the wrong hands, it can prove disastrous. Hope you liked our posts on US Bank routing number details, you can find out more details about other banks below.