A bank sort code is a unique number that identifies a particular bank. Each routing number consists of nine digits. Routing numbers are sometimes referred to as the American Bankers Association routing transit number or ABA RTN. Large multinational banks can have several different routing numbers, usually based on the status in which someone has an account. Small banks now usually only have one sort code.
How to find your routing number
There are four ways to find your routing number:
By looking at your personal checks. The routing number is almost always at the bottom left of the check, but is sometimes listed in the middle. Remember that you won't get a bank code on a debit card because your debit card uses a completely different numbering system
By logging into your online bank account. If you are logged into your online account, you should be able to find your routing number under your current account information.
By browsing a bank's website. We have linked the routing numbers of 10 of the largest commercial banks in the United States:
By contacting your bank directly. If you can't find your bank's routing number or want to check that you have the correct one, contact your bank.
When do you need to know your routing number?
Account and routing numbers work together to identify your account and ensure that your money ends up in the right place. An account number is your bank customer ID and unique for every account holder. Routing numbers are not unique to everyone: they correlate with banking institutions to indicate exactly where the funds come from and where they're going during a transaction. Both are required to complete most basic banking.
Here are some common scenarios where you need to know at least your routing number:
Set up automatic bill payments
Set up direct deposits
Reorder or process checks
Send money internationally
Make tax payments
What to do if your routing number changes?
If two banks merge or one bank acquires another, your routing number may change. It rarely happens, but when it does, knowing what to do is helpful. As the account holder, you will be informed about the change in good time so that you can make adjustments.
Follow your bank's steps. You will know months in advance if your routing number will change. Your bank will inform you of all necessary steps, e.g. B. changing your automatic bill payments to the new bank sort code.
Update your automatic transactions. Take into account all of your automatic deposits, withdrawals and transfers. Make sure that each of them is switched to the new routing number. Make sure your employer has the right direct deposit information. It is better to make the changes earlier than later so that nothing remains in the balance.
Order new checks. Your old checks may work for a while because your bank expires the old routing number. You may need new checks. Therefore, it may be advisable to place your order. Check that your bank provides you with a free checkbox for the change.
Keep your financial records up to date. Update your financial documents to make sure they're correct. Make sure that all account and routing information is kept in a safe, confidential place.
Knowing how to find your routing number and key banking information gives you more control over your finances. It is also important to understand how much money you should have in your checking account at all times. From budgeting your automatic payments to saving up for family fun, you're on your way to financial prosperity. After all, if you are sure of your finances, you can enjoy everything life has to offer.
Sources: Value Penguin | fin