What Are Routing Numbers? (2024 Guide) | Marketwatch (2024)

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A routing number is a nine-digit number that identifies a financial institution. It’s used to transfer money between financial institutions, and without it, banks can’t verify where money is coming from or going to. You may also see it referred to as a routing transit number (RTN) or American Bankers Association routing number (ABA routing number).

Each bank’s unique routing number ensures money goes to the right place. Created in 1910 by the ABA, routing numbers help create secure transactions.

Your bank account number corresponds directly to your account, but the routing number identifies the bank you’re using. When you set up online payments or transactions such as wire transfers, you’ll need to provide both your bank account number and routing number.

>> Related: What Is an Account Number?

Parts Of A Routing Number

A routing number is nine digits and comprises three different segments:

• Prefix (first four numbers): Represents the Federal Reserve Routing Symbol.
• Institution Identifier (second four numbers): Identifies the specific ABA financial institution.
• Check Digit (last number): Validates the authenticity of the routing number.

There are several ways to find your bank’s routing number. In general, these will be your options:

• Personal checks: Your routing number is in the bottom left corner of a paper check. It’s followed by your account number and the check number.
• Online accounts: Your online banking account provides your routing number in your account information section, or often on the homepage or dashboard of your account when you log in through the website or mobile app.
• At a bank branch: You can visit a branch to get your account information if you don’t have access to it online.
• Customer support: You can find customer support phone numbers on your bank’s website, on the back of your debit card or through a Google search.
• The ABA: The banking organization’s website offers a routing number lookup tool.
• Your bank statement: Your monthly statement, whether you get it in the mail or electronically, should have your routing number on it.

Banks use routing numbers for any activity that involves money transfers directly to or from your bank to another bank. Some of those activities include:

• Automated clearing house payments: If you set up direct deposit, get paid as a freelancer or pay quarterly income taxes, these are likely ACH transfers. The ACH is an electronic payment system that uses routing numbers to identify the financial institutions involved in these transactions.
• Wire transfers: Both domestic and international bank wire transfers require your routing number to identify your bank, ensuring funds get sent to the correct destination.
• Check processing: Your bank’s routing number is printed at the bottom left of your personal checks to help the recipient’s bank verify the account the money is coming from.
• Online banking: When you transfer money to an account you have at another bank, you must provide that bank’s routing number.
• Bill payments: When you set up automatic bill payments from your bank account, you need to provide your bank’s routing number and your account number.

>> Related: Learn more about money transfers

Most routing numbers can be found via a simple Google search for “[name of your bank] routing number.” Some financial institutions that work with multiple partner banks may have different routing numbers, and large banks may have different routing numbers in each state where they operate. It’s best to double-check via your online account if you’re not sure.

Below are the routing numbers for some popular banks and credit unions:

*The routing number for a Chime checking account depends on whether service is provided by the Bancorp Bank N.A. or Stride Bank N.A.

Unfortunately, the world is rife with scams that are out to steal your banking information. From phishing emails to spam phone calls, there are many ways your bank information could be susceptible to theft or misuse.

Here are some ways to keep your information safe:

• Verify the person or business: Before providing any account details, verify the identity and legitimacy of the recipient or organization. Never give your banking information to someone over the phone or online who can’t identify where they work or who seems suspicious in any way.
• Use secure channels: When you send a payment online or via a banking app, make sure you’re using the correct portal. Avoid sending your account information through email as it is not secure.
• Check your accounts: Regularly review your bank and credit card statements to make sure there hasn’t been suspicious activity.
• Secure all online and mobile banking accounts: Create strong, unique passwords. When it’s available, enable multi-factor authentication like face ID or fingerprint ID for an added layer of security.
• Educate yourself on scams: Stay informed about common scams and phishing tactics hackers use to get financial information. The Federal Trade Commission offers advice on dealing with common scams and reporting them.
• Secure physical copies of your personal information: If you have checks, bank statements or other financial documents with account numbers and routing numbers, store them in a secure place. When you no longer need these documents, shred them before disposing of them.
• Report suspicious activity ASAP: If you suspect your financial information has been compromised, contact your bank or financial institution immediately to report the issue. A rep will walk you through the process and shut down access to your account.

>> Related: Read more about how to transfer money safely

Bottom Line: Bank Routing Numbers

The routing number is a nine-digit code that identifies a specific financial institution for transactions. Because a routing number is necessary for transferring funds, setting up direct deposits and similar actions, accuracy is important to ensure funds move to the correct financial institution and specific account. It’s also imperative to safeguard these numbers to not compromise your account.

Editor’s Note: Before making significant financial decisions, consider reviewing your options with someoneyou trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.

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