Introduction:
ABA number of the bank is a unique identifying code assigned by the American Bankers Association to financial institutions in the United States. The ABA routing number is used by banks to identify other banks in order to process domestic wire transfers, ACH transfers, and checks.
Understanding ABA Number:
The ABA number of the bank also known as routing number is made up of nine digits split into three sections. The first four digits represent the Federal Reserve routing symbol, the next four identifier of the bank and the final digit is used for error checking. The ABA number of the bank can be found on checks, deposit slips, and bank statements.
Using ABA Number:
The ABA number of the bank is needed when setting up direct deposit, ordering checks, and initiating electronic transfers such as ACH or Wire Transfer. For checks, the ABA routing number appears on the bottom left of the check, followed by the account number and check number.
Related FAQ:
1. What is the difference between ABA number and Swift code?
Answer: ABA routing number is used for domestic fund transactions while Swift code is used for international transactions.
2. Can the ABA number of the bank be used to withdraw money from an account?
Answer: No, the ABA routing number only identifies the bank and has no information about the account holder.
3. What happens if the ABA routing number is incorrect?
Answer: If the ABA routing number is incorrect, your transaction may be delayed or returned to the sender.
4. Is the ABA number of the bank confidential information?
Answer: No, the ABA routing number is considered public information and is often listed on a bank¡¯s website.
Conclusion:
In conclusion, the ABA number of the bank is a unique identifying code that is used for domestic fund transfers. It is made up of nine digits and can be found on checks, bank statements, and deposit slips. It is important to double-check the ABA routing number before initiating any transactions to avoid any delays or errors in processing.