A new bank or a financial institution applies for a routing number upon its establishment. The application can be made for five numbers in case they want a separate number for each type of banking transaction or a specific number based on the location of the bank along with its branches. When there is a bank merger, some banks have as many as 100 routing numbers.
When talked about Abound Credit Union Routing Number it is a 9-digit code identifying a financial institution, like a credit union, bank, or investment firm. The routing number helps in curtailing any sort of confusion between financial institutions containing similar names and allows money to flow between these institutions seamlessly.
At times an institution may have more than one routing number depending on its size and the type of account for example checking account vs. investment account.
In case you are creating direct deposits via ordering cheques or transferring money between financial institutions, usually, you will be asked to provide a routing number along with your personal account number for successfully executing the transaction. In a way, a routing number is the number of the house where your money gets delivered. The account number indicates the specific room where your money should be stored.
Example of Routing Number vs. Account Number
One can find out both the routing number and account number by logging into your online banking account. The cheque number can be found at the bottom of each check, you will see three groups of numbers: routing numbers (typically 9 digits) appear as the first group. Usually, the account number comes second, and the third is the actual cheque number. There are times when official bank checks, those numbers can appear in a different sequence.
These are a series of numbers that are embedded with magnetic ink, known as your cheques MICR (Magnetic Ink Character Recognition) line. The magnetic ink enables each bank’s processing equipment to read as well as process the bank account information.
In case you are not sure about the exact numbers, you can contact your bank or financial institution and it is recommended to cross-check both numbers whenever you provide them to another party. It will actually help in hassle-free transactions that avoid unnecessary delays or any associated additional bank charges raised from the funds ending up in an incorrect account.
5 Ways to find the Abound Credit Union Routing Number
Knowing how to find the routing number is very important. There are different ways of finding the Abound Credit Union Routing Number. They are as follows:
1. Seek for Routing Number on your Cheque
The routing numbers are the initial 9 digits number that is seen on the bottom left of your checkbook. The next series of digits refers to your account number. And the last four digits represent your cheque number.
2. Get the Routing Number on your bank or Financial Institution’s Website
Usually, the routing number is on the main page. In case it is not on the main page, you can go to the search bar and type “routing number” or try to go through the FAQs. There you will find the routing number at the bottom of the main page of the bank.
3. Find out the Routing Number by Calling
Another way is by calling the call center department of your financial institution. They will be ready to address your query. You can connect with the bank via their toll-free or customer support number.
4. Know your Routing Number by browsing Google
This is an easy way to learn about yourself by browsing Google. Insert the keyword as the name of the financial institution along with the routing number and there are chances that the number will come to the top of search results.
5. Learn the Routing Number via the American Bankers Association website
Here you will need the name and state where the bank or the financial institution is located. The website limits to 2 searches per day for a maximum period of 10 per month.
How to search the right bank with Abound Credit Union Routing Number (ABA Search)?
For anyone who wants to find out the right bank by its routing number, you can go ahead for it on the American Banking Association (ABA) website. Also, you can also look for routing numbers via their website by entering the name of the bank and address. It is possible to receive a cheque without the name of the bank mentioned on it.
If spoken technically, the Federal Reserve system processes transactions as long as they receive the bank routing number and account number. It is the main reason why it is imperative to safeguard your personal account number as carefully as you protect your Social Security Number (SSN).
What is the Key Difference between ABA and ACH Routing Numbers?
When we discuss the differences between ABA and ACH routing numbers the most distinctive one is ABA is applied via paper checks while ACH routing numbers are applied to electronic transfers and withdrawals. Most of the renowned banks across the globe today use the same routing number for both. However, it is not uncommon to see separate ABA and ACH routing numbers for regional lending institutions.
At times, the ABA routing numbers are referred to as the “check routing number,” and the ACH routing number as the “electronic routing number” or “number for electronic transfers.” In case only one number is cited, it is possible that the ABA and ACH routing numbers are the same, but it doesn’t hurt to contact your bank to make sure.
- The account numbers and the routing numbers work together to identify your account and ensure that your money ends up in the right place.
- Both the numbers are needed to complete many basic banking transactions successfully.
- The routing number indicates what bank or financial institution your account is held.
The account number is your unique identifier at that bank or respective financial institution.