The banking system has truly modernized a lot from the earlier days when horse-drawn carriages used to transfer money from one bank to another. Almost everything has changed since that time. But one thing that has remained constant is the use of bank routing numbers. A routing number first came into existence in 1910; in 2011, 101 years later, they are still in use. Not only are they in use even today, their relevance has never been felt more.
What exactly are the bank routing numbers? The number is a set of code that is present at the bottom of the checking account check. Actually, there are two sets of numbers in a check. The first is the number of your checking account with the bank. This number is unique to the account holder. In other words, each account holder with the bank (whether the account is meant for personal use or business) has a unique number. The second is the routing number. This number is unique to the bank. In other words, each account holder with the branch will have the same routing number printed on the checking account check.
Bank routing numbers are extremely important both for the bank as well as the account holder. Also known as the routing transit number, these eight- or nine-digit codes are used to identify the financial institution in the USA – each institution will have its own unique number. Its original purpose was to ensure that paper checks could be processed and sent to the correct bank and branch easily and quickly. And so, the American Bankers Association decided on a set of codes for each bank way back in 1910. But now, these numbers are used to correctly route electronic money transfers as well. As of October 2010, there are 28,000 unique bank routing numbers in the USA, one for each financial institution in the country.
The basic principle of banking depends on money transfer between two banks. As this exercise is carried out with the number, it can easily be understood how important it really is. In the present-day context, it has assumed more importance because of electronic transfers over great distances. Businesses have become global and must transfer the money easily. Families have spread out across the world, and the money must be transferred for non-business purpose as well. For instance, you might be working in Sydney, Dubai, or London, and might have to transfer money each month to your home back in LA.
RoutingDB.com makes it easy to find bank routing numbers. It is essential to provide the correct number while transferring the money because if you include the wrong code, the money cannot be transferred. The website allows everybody to carry out a bank routing number check easily to ensure that there is no error here.
About RoutingDB.com: The website offers free service to everybody who has to transfer money. A check can be easily conducted at the website to find the correct routing number for any financial institution in the USA. Please visit www.routingdb.com to know about bank routing numbers and for further information about the website.