Despite conducting transactions with various banks for a long time, many people are not sufficiently aware of routing numbers or do not have enough understanding of them. In today's Q&A session of Banking Cell, we will discuss bank routing numbers and their uses.
What is the Routing Number?
A bank routing number is a unique 9-digit code that identifies any branch of a bank. Typically, the 9-digit bank routing number is printed on the MICR bank check to the left of the check number. On a MICR (Magnetic Ink Character Recognition) check, the routing number is printed on the upper left side and also below the signature line alongside the account number and check number.
Use of Routing Numbers
Each bank branch has a unique routing number that easily identifies a specific branch of a bank. In addition to branch identification, the routing number is essential for inter-bank check transfers, check deposits, electronic fund transfers, online payments, check clearing & online fund transfers.
