How is routing number determined

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Everyday banking tasks like direct deposit, bill payments, check processing, wire transfers, and the use of mobile payment services like Venmo require an account number and routing number. A routing number is a nine-digit number assigned to a bank or credit union. That way, checks intended for Bank of America and American Bank never go to the wrong place by mistake.

If you have one of your checks handy, you can find the routing number very quickly. No problem. Here are a few other ways you can find a routing number without a check so you can complete your transaction. Call your bank to speak to a customer service representative. You can count on them to give you the routing number or confirm the one you found online. Developed by the ABA, each routing number is publicly known and unique to one financial institution. However, one bank or credit union may have multiple routing numbers that are specific to different locations and various tasks that are being completed.

This is often the case with larger institutions. For example, if your routing number was , you would multiply 1, 4 and 7 by 3 to get 3, 12 and Multiply the second, fifth and eighth digit in the routing number by 7. Continuing the example, with a routing number of , you would multiply 2, 5 and 8 by 7 to get 14, 35 and Multiply the third and sixth digit in the routing number by 1.

In this example with, you would multiply 3 and 6 by 1 to get 3 and 6. Add the products from the first three steps. In this example, you would add 3, 12, 21, 14, 35, 56, 3 and 6 to get a total of Find the next highest multiple of 10, or use the result from Step 4 if it is a multiple of In this example, is a multiple of 10 so you use The check digit is 1. If the you do the algorithm with the first eight digits and you get a number that is already divisible by 10, then you know that the check digit must be 0.

Method 2. Learn the history of check routing numbers. Prior to , banks had no uniform system for identifying checks written from different banks. They established the Routing Number Administration Board govern the use and retirement of routing numbers.

The MICR form is used for automated processing of checks. The numbers and symbols are printed with special shapes that can be read by automated reading equipment. This font is used on all U. You can find it in the upper right hand corner of the check. Understand the Federal Reserve routing symbol. The first four digits identify the location where the check was printed.

The first two digits refer to one of the 12 Federal Reserve districts. The third digit identifies a specific office of the Federal Reserve bank within the district. The fourth digit refers to geographic areas within a territory. Understand the ABA institution identifier. Each financial institution receives a unique four-digit identifying number from the ABA.

This makes up the second four digits of the routing number. The ABA institution identifier may be anywhere from one to four digits. Because it must take up four digits in the routing number, a number with less than four digits will have zeroes before it on the check. Understand the check digit. The check digit verifies the accuracy of the routing number.

It helps to maintain the integrity of electronic and telecommunications transactions. It can be calculated with the algorithm, or programmers can use a code to validate the routing number. Understand the fractional form of the routing number. This appears in the upper right-hand corner of the check. It is a multi-digit fraction that has a hyphenated numerator and a three- or four-digit denominator. Method 3. Understand why banks need to read routing numbers on checks.

When processing your check, financial institutions need a reliable way of identifying your bank. It is important that they do not confuse it with other banks. Some banks may have more than one routing number, depending on its location or the type of check being used.

But no two banks will ever have identical routing numbers. Banks use routing numbers to automate several common financial transactions. Routine tasks such as direct deposit and automatic bill transfers rely on accurate routing numbers. The routing number is also used to facilitate money transfers, such as cashing checks or wiring money. Find your routing number.

The routing number is printed on the bottom left-hand corner of your check. Also, some banks may publish their routing numbers online. This is helpful for customers who need the routing numbers for wire transfers or other transactions.

It only becomes a security risk if someone has your routing number and your account number. What kind of risk does it pose if someone has obtained my routing number as well as my account number, and why? Major security risk. If the person has your routing and account number, they can pull money from your account. If that's happened to you, contact your bank immediately.