All You Need to Know About Routing Numbers

Written by

Do you know about routing numbers? You’ve definitely heard of them before, you might even have noticed them on your bank statements, or even your employer would have asked for it. If you’re still confused just go ahead and take out your cheque book. You can see a string of digits printed on the bottom left corner of each cheque leaf. They are nothing but the routing numbers associated with your bank.

Routing numbers are nothing but nine-digit numbers that are used for representing your credit union or your bank, while you do any financial transaction. This tracking method was adopted in 1910 by the banking industries, so that the transactions can be made quicker and more efficient. Earlier, banking transactions and transfers often led to miscommunications and errors in transfer, but with the wells fargo routing number the chances of errors in money transfer is greatly reduced. It therefore becomes easier for banks to make their transactions, even if there are two or more banks under the same name.

Where to find the routing number?

The routing numbers were introduced and maintained by the American Bankers Association. If you want to look up on your banks routing number or track any transaction then you can contact the American Banking Association through their website and get to know about the required bank’s routing number. It will also be listed in your banks statement, making it much easier for you to make a note of it. Simply request for a balance statement from your bank and it will contain all the details of your bank including the routing number.

If you’re a cheque book holder you should have a close look at the cheque leaf. You might notice a nine-digit code printed on the bottom left corner of each cheque leaf, that’s nothing but your banks routing number. It’s mandatory for all the banks to print their routing number on the cheque book. If you don’t have a cheque book and need to know about the routing number immediately, you can also simply call up your banks customer service or visit their website to get hold of their routing number.

When you’d require a routing number?

You will need the routing number of your bank in many situations, like when trying to set up a direct deposit, depositing tax returns, while transferring huge sum of money to another account, paying a few bills by direct debit, or even while simply transferring money between two different banks. Most of the times, while you file your tax returns the tax authority will ask for the routing number of your bank for checking the validity of your returns. When you conduct any Automatic Clearing House transfers that involves money transfer between two different bank accounts a wells fargo routing number will be required.

You must also remember that the routing numbers can change, whenever the financial organization reorganize their operations, transfer their operations to another branch, or even when they change the purpose of a routing number. Make sure you check with your bank before making any major financial transactions.

Article Categories:
Business Technology