A routing number is what banks use to identify one another when transferring money. It can be known as several different names like ABA or routing transit numbers. They are a nine-digit code that all financial institutes use to safely move money from one bank account to another.
Read below for more information on what a routing number is and what America First Credit Union’s number is.
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Routing Number 101
Normally, a routing number is used for wire transfers from an institution to a different one. It acts like a social security number, no bank or credit union will have the same routing number. Although, there are several large institutes that have more than 2 routing numbers that are put together geographically.
America First Credit Union’s routing number is: 324377516
Routing numbers and SWIFT numbers are quite similar, but the main difference is that SWIFT numbers are used for international money transfers. With America First Credit Union, their website shows the different ways they use their routing number such as making: a direct deposit, wire transfer, taxes, or paying bills.
How a Routing Number Works
The routing numbers were first used by the American Bankers Association (ABA) in 1911. The digits in this code aren’t used at random, every number represents a specific contribution about the bank.
- The first 4 digits are known as the Federal Reserve Processing Symbol. The first 2 digits in this sequence deals with the dead branch of this processing symbol. The third number is the Federal Reserve processing center that was assigned to the bank. Then, the last one represents the bank’s location.
- Next, the other 4 digits are put at random, given to the banks from the ABA.
- The last digit is the “check digit” that verifies how the bank is valid.
These numbers can help reduce bank frauds, but cannot stop all of them. But, they make it possible for other banks or credit unions to communicate with one another. This way, they know where the money is coming from.
Where to Find a Routing Number
It’s not that complicated to find your banks routing number, even if you don’t have a check to look at. You can always log into your online account and find all the information you need right there. Plus, you can even search the routing number online.
However, be sure that the information you find is valid and that it’s for the right bank. A good and reliable source is the American Banker’s Association. Finally, another way is to check your monthly statement, it will have the routing number on there as well.
Conclusion
Now, you know where to look for your financial institutions routing number and what it stands for. There are many reasons why a routing number is important to have. It makes it easier to transfer money from one bank account to another. However, keep in mind not all financial institutes will send money to any bank account. There are some banks that have many routing numbers to suit their branches over the nation.
