A financial institution’s routing number is a 9-digit code that helps reduce confusion, allowing money to flow between institutions without glitches. However, an institution may have more than one depending on its size and type of account (checking vs. investment).
If you want to make a direct deposit, order checks, or transfer money between your accounts at different financial institutions in the United States (for example transferring from one bank account into another), then you are able to do so by providing both a ‘routing number’ and your personal ‘account number’.
A routing number is like the house where your money gets delivered. An account number indicates which room stores it in that specific building.
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Where do I find the routing number?
Your financial institution’s routing number can be found in five places:
On your check
You can find the routing number on the bottom left of your check or void check. It is a nine-digit code that helps direct payments to banks and financial institutions across America, as well as internationally.
Your account number is the next series of digits. The last four numbers on your check make up your unique identification code or check number.
On your financial institution’s website.
A routing number is a nine-digit code that may be found at the bottom of the main page.
If you can’t find the number for Hanscom FCU’s call centre elsewhere, give them a ring at 800-656-4328. They’re always happy to hear from our members.
Remember, if you want to find a routing number for your favourite financial institution just type in its name plus “routing number” and it’s likely that this will pop up as the first result.
Looking it up at the American Banker’s Association website.
To search for a specific bank, you will need to know the name and state where it is located. You can only make 2 searches per day with a maximum of 10 in one month. Alternatively, you may also use their routing number on the site if that information was available instead.
And if you haven’t figured it out by now, Hanscom FCU’s routing number is 2113-8048-3.
Be sure to double-check the routing number for your account before you make a transaction. If you are not 100% confident in what is written, it could be possible that money will go somewhere else entirely.
Routing Number vs. Account Number: What Is the Difference?
To set up a direct deposit, such as your paycheck, or order checks online you need both the routing number and account number assigned when opening an account. These numbers are used to identify customers in all bank related transactions.
Routing and account numbers are like a fingerprint, they’re unique to each person. This is because routing and account numbers help identify your money as well as where it’s going when you make electronic transactions.
For example, if I send Joe some of my own dollars using Venmo or PayPal then the companies will require me to input both my banking information (routing number) along with his bank details (account number). The same goes for transferring funds into an external company.
When companies send money electronically, they use the routing number as a quick way to identify which bank is receiving it. This nine-digit code proves that banks are federal or state-chartered and connected with the Federal Reserve Bank.
Your bank’s routing number is a nine-digit code that allows your financial institution to process electronic funds transfers, such as Automated Clearing House (ACH) payments and wire transfers.
ACH payments are commonly used for paying bills or establishing direct deposits into accounts. Wire transfer numbers aren’t the same as those listed on checks but can be found online or by talking with your financial institution.
You may have two accounts at the same bank, but you’ll never share an account number. Your financial institution uses both your routing and account numbers to identify a specific individual’s holdings.
The combination of these digits works together like a secret password that ensures absolute security for anyone with access to it which means no one except you can withdraw money from your verified funds.
All it takes to obtain a bank’s routing number is ten minutes on the internet, but your account number uniquely identifies you. You should protect this information as carefully as protecting sensitive numbers like Social Security and PIN code for online banking websites.
Do Routing Numbers Ever Change?
These are not permanent and can change from time to time. This is because when financial institutions close branches, restructure their operations or merge with another institution, the routing numbers attached to accounts will also be changed.
If you receive correspondence from your bank informing that the routing number on their account has changed, don’t be alarmed. You can still use old personal cheques because a new routing number doesn’t disconnect an old one. just ask for some free replacement ones if they’re too worried about security to let you continue using them.
Your payments to vendors through automatic transactions may be affected by your new routing number. You will want to update the information if you notice any problems with missed payments or deposits while transitioning.
If a vendor fails to receive money from one of these automated payment methods, it is likely that they will not process future orders until things are sorted out and their account updated properly.
They are a relatively new invention that has made electronic banking easier and faster. As you get your pay cheque from your employer, can automatically make payments to vendors without having to worry about it since everything is automatic.
When Would I Use?
You can use this number for many different types of transactions. Some examples include:
- Direct deposit set up with your employer allows you to have money automatically deposited into a savings or checking account.
- When you set up automatic, recurring payments for your loans and bills online with a bank or credit card company, it can be very convenient.
- This is when you set up a direct deposit with the CRA so they can send your tax refunds or payments directly to one of your financial accounts.
- Two bank accounts can be linked to one another, allowing people to send money.