Many users have stopped using alternative ways to transfer money using routing number and account number. You might transfer funds between accounts using your online banking app, but you probably do not know much about your bank accounts.
It is common to realize that you do not know your bank account number and the routing number of your bank. But this might be a problem if you want to set up a direct deposit or send money digitally from your bank to others.
Still, it is not too late. If you want to learn about transferring money through routing and account numbers then you should keep reading this article. In order to know about this process, first, you should know what the routing and account numbers are.
Each bank has its unique routing number. The routing number consists of a 9-digit code that distinguishes one bank from the others. The routing number, which differs for every bank, identifies the location of the bank account’s opening.
This number is added to the data used for each money transaction you carry out online, using an app, or with a card payment. The routing numbers for larger banks might vary depending on where their branches are located. It is less probable that your bank will have several different routing numbers if you are banking with a small bank.
Bank’s routing number is an essential thing if you want to send money from one bank account to another bank account. You may find this number on the bottom left of your checks or online at your bank’s website.
An account number is a unique combination of numbers, letters, and maybe other characters that serve to identify the account’s owner and provide access to it.
On your checks, the account number for your bank will be to the right of the routing number. If not, you can usually obtain the complete account number in your online banking app or at your bank branch. A smaller banking institution could use shorter numbers, although many banks use account numbers that are 10 to 12 digits long.
Routing numbers are a common thing, but account numbers are kept secret to avoid fraud, thus you should never provide this number to someone you do not know.
Process of Transfer Money Using Routing Number And Account Number
Checks are becoming less prevalent these days, knowing your bank’s routing and account numbers is essential when transferring money or paying.
These routing and account numbers can also help you to avoid transaction fees. Your routing and account numbers make money transfers simple, and the procedure usually goes into these steps:
- First, you need to make sure, you must be signed in.
- Visit the section on money transfers.
- Add the recipient’s information, including the account and routing numbers.
- Put in the desired amount.
- Select “Send” from the menu.
- Using the identity that your bank has supplied, go over the transfer’s specifics and approve it.
It is important to know your account and routing number because it can help you stop using checks.
Everyone should know these routing numbers and account numbers of their bank accounts to practice good money management.