Routing Number vs Account Number - What’s The Difference? (Everything You Need To Know)

Routing Number vs Account Number - What’s The Difference? (Everything You Need To Know). In this comparison video I will talk about Routing Number vs Account Number.

So, the main difference between them is representation.
A routing number is a number given to banks by the American Bankers Association (ABA) to identify different banks or financial institutions within the United States of America (USA). A bank is given this number as proof that it is a state-chartered institution with the Federal Reserve. On the other hand, an account number is a number assigned to a customer or client of the said bank. The bank will issue you an account number when you open a bank account with them.

Purpose
The purpose of a routing number is to ensure that money can be transferred from one bank to another. The routing number also helps identify the location of a specific bank. On the other hand, the purpose of an account number is to differentiate different bank customers through their unique account numbers. Each person wishing to have an account with the said bank is given their account number. You can only access a bank account if you have the correct account number.
Therefore, a routing number ensures smooth bank transactions from one bank account to another, while an account number ensures that every bank account owner has their own unique number for their personal transactions.

Number of digits on each number
A routing number usually has only nine digits. These nine digits are typically at the bottom of a check or a bank paper. On the other hand, an account number has between nine and twelve digits. However, there are account numbers that have more than twelve digits.
Therefore, a routing number has only nine digits, while an account number has more than nine.

But do they have similarities?
Yes, they do. Both a routing and an account number are unique numbers needed whenever you make a transaction. Additionally, both the bank and the customer can own more than one routing and account number, respectively. A bank can be allocated multiple routing numbers if it is big and has different branches. A bank customer can also own other account numbers depending on the number of accounts they wish to open at the bank.

So, to sum up, how do they compare? – Routing number vs. Account number
A routing number is attached to a bank and is used to identify the bank that is within the USA. This number is essential because it enables one to transfer transactions from one bank to another. An account number is given to an individual when opening a bank account. Both of these numbers are key requirements when making any bank transactions.

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