There is no routing number on a debit card. So, there is no point in looking for a routing number on a debit card. Usually, the first 6 digits of the debit card indicate the financial institution that issued the debit card. Some banks have only one routing number for the entire US while most of the major banks have multiple routing numbers based on the state that the bank account was initially opened. Usually, every debit card is associated with a bank account and the bank account has the routing number you need.
- A routing number is a 9-digit number and it is used by U.S. financial institutions to identify a specific financial institute
- A routing number is required for transactions made by paper checks, direct deposits, wire transfers, etc.
- A routing number offers added protection by providing added accuracy for transactions
- If you want to transfer money from one bank to another then you will need the routing number of the recipient bank
- If you want to receive the tax refund by check then you have to provide the routing number of your bank
What Is A Routing Number?
A routing number is a 9-digit number that is used by U.S. financial institutions to identify the specific financial institution tied to a bank transaction. A routing number is very important because it helps the correct transfer of funds for transactions such as:
1. Paper checks
3. Electronic fund transfers between financial accounts
Usually, the checking or savings account number is unique to your account but the routing number is not. The account number is used to identify ownership of the account within the bank’s computer systems. While the routing number offers added protection by providing added accuracy of transactions. The bank account number can be the same for the different banks but the routing number won’t be the same for different banks.
How To Find A Bank’s Routing Number
There are many reasons you might need the routing number. Therefore, it is very important you should know your bank’s routing number. Locating the routing number is much easier than you think. Here is how you can find a bank’s routing number –
1. If you have a checking account then look at the bottom of one of your checks, here you’ll find your account number. In the front of your account number, you will find the 9 nine-digit routing number.
2. If you don’t have a check then also find your routing number on your bank statement. Usually, the routing number is printed near your account number on the bank statement.
3. If the above two steps fail then call your bank or visit a branch and ask for your routing number.
4. You can also find the routing number on the Bank’s official website. Just visit the website and find the routing number.
Moreover, if you have an online banking account then you can also find the routing number easily. Just log in to your online profile and select the bank account number. Then select Account Numbers & More to find your routing number.
Reasons You Will Need The Routing Number
There are many reasons you might need to know your Bank’s routing number. Here are some important reasons –
1. Setting Up Direct Deposit
Many employers pay their employees with checks while others offer direct deposit. Direct deposit has some benefits like you will be able to access your cash sooner than if you’d received a check. Moreover, there is no cost to set up direct deposit, and it also eliminates a trip to the bank. So, if you want to receive direct deposit then you have to provide the routing number. This routing number will help to identify your bank account branch and number.
2. Transferring Money Between Banks
If you want to transfer money from one bank to another then you will have to provide your bank’s routing number. The routing number helps the banks identify the financial institution that receives the funds. If you want to initiate an online banking transaction then you will need to provide the routing number and account number to move funds between these accounts.
3. Receive Tax Refund Deposit
If you want to receive the tax refund by check then you might have to wait for weeks. Therefore, you can opt to have your tax refund automatically deposited into a bank account. To do so, you should provide your routing number and your account number to ensure that the tax refund deposits into the right account.
4. Pay Your Bills Online
You can set up an automatic bill payment to pay all your bills online and simplify your finance management. You can easily set up ACH payments and have funds automatically drafted from your bank account. To initiate the ACH payments, you have to provide the routing number of your bank account.
5. Wire Transfers
If you want to transfer money quickly then a Wire transfer can allow you to securely send cash from one bank to another. In many cases, Wire transfer is quicker than an ACH transfer. If you want to initiate a wire transfer then you have to provide your routing number and account number as well as the recipient’s account number and routing number.
FAQs About How Do I Find The Routing Number On A Debit Card?
Are Routing Numbers The Same As A SWIFT Code?
The routing number and SWIFT code are not the same but both of them serve a similar purpose. Routing numbers are used by banks and other financial institutes within the USA to transfer funds. On the other hand, SWIFT codes are 8-to-11-digit alphanumeric identifiers that facilitate international wire transfers. If you want to send money across international borders then you will need the SWIFT code of the bank to complete the process.
Can Bank Routing Numbers Change?
Yes, the bank routing number can change. This can happen when banks merge, consolidate, or acquire other banks. In this type of situation, the old routing number will remain usable for months or even years after a change. Moreover, you will be able to use checks with the old number until they run out.
Why Is My Routing Number Different On My Checks?
Some banks have different routing numbers corresponding to a different use case for the same bank account, in that case, you might have a different routing number from the checks.
What Happens If You Have The Wrong Routing Number?
If you have used a wrong routing number then the transaction may be rejected or delayed, in a worst-case scenario, the amount might end up being sent to the wrong account. On the other hand, if you accidentally enter the wrong routing number during a wire transfer, then the payment will be rejected and your fund will return to your account.
Why Is The Routing Number Different On A Deposit Slip?
Deposit slips contain an internal routing number that is different from the external routing number. This is the reason why the routing number on a deposit slip is different.
Last Updated on October 29, 2022 by Magalie D.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.