Routing number vs. account number: Whats the difference?
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When managing your finances, you'll come across two important numbers associated with your bank accounts — the routing number and account number. But what exactly are these numbers, and how are they different?
We’ll dive into the purpose of each number, how to find them, and tips for keeping track of them.
A routing number is a 9-digit number that identifies the bank holding your account. It can help facilitate the electronic transfer of money. Think of it like a ZIP code for your bank — it tells transactions and checks where to go so the money ends up in the right place. Routing numbers are unique to each banking institution.
Every checking and savings account has a routing number. Routing numbers are often associated with checks in order to process payments. But you may also be asked for the routing number when setting up direct deposit, establishing automatic bill pay, sending or receiving wire transfers, and authorizing electronic payments.
“Today, the routing number is necessary for conducting various transactions, but those transactions have changed over time as we have implanted more technology," says Christopher Naghibi, chief operating officer at First Foundation Bank. “Most of us use the routing number to set up direct deposits, make some type of direct payments, and transfer money.”
You can easily locate your bank's routing number in a few places:
- Printed on the bottom left corner of your checks. The routing number is always the first set of numbers containing nine digits.
- You can log in to your bank account and browse for the routing number, which is often listed under account details.
- Visit a bank branch or call customer service. A bank representative can provide or verify your institution's routing number.
If you cannot find your bank's routing number through these methods, search for "(Bank Name) routing number" online or contact your bank.
Your account number is a unique string of numbers identifying your personal bank account. This allows your bank to distinguish your account from others. It also connects you to your individual checking or savings account transactions, balance details, and other account activity.
Account numbers can vary in length, ranging from 5-17 digits, depending on the financial institution. The number is printed on checks, bank statements, debit cards, and your online banking profile.
While the routing number tells banks where to send money, the account number indicates precisely whose account should be credited or debited. If the routing number is like the bank’s ZIP code, your account number is the street address pointing exactly where you live.
You can find your bank account number in a few locations:
- At the bottom of a check, typically to the right of the routing number.
- On your bank statements, either print or electronic.
- On the front or back of your debit card
- Listed under “account details” on your online banking account
How routing and account numbers work together
Routing numbers and account numbers serve important but distinct purposes.
A routing number's purpose is to direct electronic payments and transactions to the correct financial institution. It ensures money goes into and out of the proper bank for your account. Without it, transferred money would have no way of getting to the appropriate account.
The account number is meant to identify the specific bank account where the money is withdrawn or deposited. It distinguishes your account from all others at that bank. It also enables access to your personal transaction history and balance.
So, while the routing number matches to the bank itself, the account number matches to your unique account at that bank. Together, the two numbers provide the complete address needed to locate your finances.
You’ll often have to provide the two numbers together, but there may be situations when you only need one.
Routing number uses
- Setting up direct deposit for payroll, tax refunds, etc.
- Establishing automatic bill payments from an account
- Filling out checks or electronic checks for payments
- Incoming/outgoing wire transfers
- Linking external accounts to payment services like PayPal or Venmo
Account number uses
- Checks, money orders, and any account-specific payments
- Enrolling in online banking to access your accounts
- Wiring money out of an individual account
- Disputing unauthorized or fraudulent account activity
Tips for managing your routing number and account number
Since these numbers provide access to your finances, it's crucial to keep them secure:
- Memorize numbers instead of carrying them in your wallet
- Store numbers securely at home or electronically
- Shred documents and expired cards containing your account details
- Only provide numbers to trusted sources, verbally or on secure websites
- Enable text or email alerts on your accounts to monitor transactions
- Report lost checks, suspicious activity, or stolen account details to your bank immediately
Your routing and account numbers allow access to your finances, so protecting them is vital. But, understanding how to find these details also makes managing money faster and easier through electronic payments, deposits, and transfers.
Editorial disclosure: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.
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