Our world has long entered a new age dominated by technologies and robotic automation. Unconventional directions such as blockchain have taken on the world, but not everyone has managed to keep up with the recent updates. Most adults have a bank account, but sadly not everyone knows what is the routing number on a check. If you’ve been issuing checks and depositing money to our account, it is high time to see the difference between an account number vs routing number. When you do bank-related financial transactions, these require two crucial pieces of data to identify you as their client. These are the routing number and account number. This is assigned to you when you open an account.
Do note that a routing number is assigned to you depending on your chosen financial institution, so the bank of America routing number will differ when compared with another US bank routing number. For instance, when you need to set up a direct deposit like your paycheck or if you need to order checks, you will need to supply your bank’s routing number and account number on checks for those transactions.
When you analyze the situation carefully, you will realize that account numbers are akin to a customer identification tag or a fingerprint that is uniquely assigned to each account holder. If you bank with the BOA (Bank of America), you will get your own bank of America account number. In the same token, routing numbers will help you and finance workers identify specific banking institutions with their assigned specialized numerical ID.
The check account and routing numbers are given to you and the banks for the sake of ease, organization, and convenience. These numbers will note exactly where funds in a particular banking transaction are coming from and going to. As an example, each time you make an electronic transfer of funds, both the account and routing numbers should be provided to all the concerned financial institutions. Now, let’s get down to the specifics to help you with your transactions.
What is a routing number?
When faced with a query that bank has routing number ***, don’t be alarmed. Always remember that your associated bank routing numberis a sequence of nine digits that all banks utilize for the quick and easy identification of a specific financial institution within the United States. Other countries employ a similar setup, too.
This routing number is also sometimes dubbed as an ABA routing number when looking at it from the perspective of the American Bankers Association. Some other areas may refer to it as an RTN or Routing Transit Number.
The US bank routing number proves that the bank is indeed a state or federally chartered financial institution. The America first routing number also signifies that the bank maintains its account with the Federal Reserves. Do note that small banks just have one routing number. In contrast, bigger banks can have several different ones depending on the state where the account is held.
Where to find your routing number?
You can find your America first routing number at the bottom of your checks. It will be the string of numbers on the left side of your account number. If you engage in online banking, this can easily be located on your account profile.
Keep in mind that routing numbers do not need to be confidential. You can ask your manager what the number is, or you can find this information on the official company website. For example, the boa account number can be seen at the official Bank of America site. If you are impatient to look for details, the bank of America routing number can be located with a quick search on Google. Since the BOA is a large bank, they may be several results, so you have to pick the right one where your account is linked with.
When is a routing number used?
There are several scenarios wherein you will be asked for your associated bank routing number. This will be required when you reorder new checks, pay your consumer bills, establish auto payment, and for tax payments. Should you require a check processing service or transferring money abroad, you will need to provide a routing number so banks can ascertain that the funds will precisely reach the intended destination.
However, remember that routing numbers vary depending on your transaction. Do check because the one written on your checks can differ vastly from the ones required to perform wire transfers, domestic and international. If you are transacting with BOA, it is a good idea to find out the routing number bank of America, which can be done by searching online. These efforts assure that you will not encounter any processing delays.
What is the account number on a check?
The account number functions in conjunction with the routing number, so both are written in a check. If the latter is used to identify the name of the bank, the account number is there to identify your individual account. If you have two accounts, say a savings account number and a checking account number, it is highly likely that your account numbers are different, and your routing number stays the same. This account number typically ranges between 8 and 12 digits.
For every possible bank transaction, you will need your account number. Whether it is for electronic payments or direct deposits, this number is necessary. It is also required whether the transaction is within your bank or between other banking institutions. If anyone can locate your bank’s routing number online, this account number is unique to you. You must protect it just as you would your PIN or SSS number.
Where is the account number on a check?
Your account number can be found at the bottom of your check. Don’t get confused because there are usually three sets of numbers printed in a special computer-readable font. This series of numbers are special as they are embedded with magnetic ink. Officially, this is known as the MICR line or the Magnetic Ink Character Recognition line. MICR is pronounced as micker, with this distinctive line interpreted by any bank’s high-tech reading and processing equipment that manages account information
The three sets of numbers noted above correspond to different elements. The first set is the routing number on checks. The second string of numbers is your account number. Finally, the last line is your check number. This is the standard pattern for traditional personal checks.
However, if you receive an official bank check, the sequence can be jumbled depending on the financial institution. In this case, it would be best to quickly verify with your bank’s customer service hotline to ascertain there are no mistakes. Double-checking will not hurt, especially when you have to provide the information to another party. This assures your transaction is fluid, thereby avoiding unnecessary delays. You also mitigate bank charges that could crop up if you end up with funds deposited into the wrong account.
How to find the account if you don’t have a check?
If you don’t have a check and you want to find your account number, there are many ways to get this done. You can look at your monthly statement from the bank and look for your number there. You can also view your statements online, although some banks partially hide some numbers to keep your account safe. In this case, you can call or chat online with customer service to find out the missing details.
If you are looking for the check number for whatever purpose it may serve, look for this string of numbers at the far right of the MICR. This is merely used to identify the individual or actual check you are using that’s coming from your own account. This number does not make any references to your bank with no account number. Instead, it is a unique and special ID for every check you issue to someone.
This number, of course, is not without its purpose. It is an excellent tool for helping you keep track of your spending. This number makes balancing your account seamless because you can document where each check has gone by assigning the number to a corresponding amount and payee. However, this is not critical for processing your payments. You can re-use the numbers and even utilize them, not following the number sequence without any serious repercussions.
When it comes to banking, you have to be cautious to make sure that you don’t make unnecessary mistakes that will incur penalties. But don’t fret either, because once you get the hang of everything, it will become easy. The critical thing to do is if you can’t find what you are looking for, don’t be afraid to let your bank know. Financial institutions are part of the service industry, and they would be happy to help you, whether in the flesh, online, or through the phone. Asking for help and clarification is a lot easier than you think, and the chances of them saying no to you is slim to none.