In this article, we’re exploring routing vs account number, the main differences between them, where to find them, and more.
This article is part of our free series on how to send money online which you can access by clicking this link.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Routing vs Account Number
- How Do I Find My Routing Number and Account Number?
- What Are Account Numbers Used For?
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
Routing vs Account Number
The main difference between a routing number and an account number is that a routing number indicates a specific financial institution and branch while an account number indicates a specific account at the branch.
In other words, routing numbers identify financial institutions and account numbers identify the clients of the financial institutions.
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How Do I Find My Routing Number and Account Number?
There are a number of ways that you can find your routing number and account number. These include on your bank statements, through your online banking, mobile banking application, and by contacting your bank directly.
Finding a Routing Number
Routing numbers are specific to your bank and branch. You can find a routing number at the bottom of a check tied to your bank account, through various online sources, and by contacting your bank directly.
Finding an Account Number
Account numbers are specific to the individual account. You can find an account number by reviewing recent bank statements, logging into online banking, or by contacting your bank directly.
What Are Account Numbers Used For?
Account numbers are used in banking and financial services to identify the holder of a specific financial account. Additionally, account numbers make it possible for banks to send and receive transfers to and from individuals in a consistent and secure manner. Here is a closer look at some of the ways that account numbers are used.
Wire Transfers
When banks send or receive wire transfers, they rely on account numbers to withdraw and deposit funds into the correct accounts. For example, when sending a wire transfer, the transfer would arrive at the correct bank thanks to a SWIFT code, but it would not arrive in the correct account without the account number.
ACH Routing Account Number
ACH routing to bank accounts also requires the use of an account number. Similar to wire transfers, account numbers ensure that an ACH transfer arrives in the correct bank account.
Credit Report
Credit reports rely on account numbers tied to credit products in order to properly track an individual’s creditworthiness. Banks then use this information in order to qualify whether an applicant is suitable for other credit products as well.
Frequently Asked Questions
Below are a few of the most common questions we receive from people looking into routing vs account number. If you have further questions you would like to ask our team, don’t hesitate to get in touch.
Why Do I Have Two Routing Numbers?
You may have two routing numbers if your bank or financial institution issues two routing numbers to account holders. In most cases, they do this when they have one routing number for electronic transfers and a second routing number for physical checks. In fact, this is the most common reason why banks issue two routing numbers.
Do You Need Both a Routing and Account Number?
Yes, you need both a routing and account number when sending transactions. Likewise, if you are planning on receiving transactions you will need to provide the sending party with both your routing and account number as well.
Do I Give My Account Number or Routing Number For a Direct Deposit?
When setting up a direct deposit, you need to give both your account number and your routing number. This is because the routing number ensures that your direct deposit arrives at the correct branch while the account number ensures that it arrives in the correct account.
Is the Account or Routing Number First?
The routing number normally appears ahead of the account number. This is true anytime you need to provide account information in support of a transaction. The reason for this is that the routing number indicates the branch while the account number indicates the customer.
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