A routing quantity, also referred to as a routing transit quantity (RTN), is a nine-digit code that identifies a selected monetary establishment in the USA. It’s used to direct digital funds transfers (EFTs) between banks and credit score unions. For instance, the routing quantity for BMO Harris Financial institution is 071000022.
Routing numbers are essential for guaranteeing that funds are transferred to the right account. Additionally they facilitate interbank communication and allow numerous monetary transactions, akin to wire transfers, direct deposits, and automatic clearing home (ACH) funds. Traditionally, routing numbers have been launched by the American Bankers Affiliation (ABA) within the 1910s to standardize the EFT course of.