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Your bank account routing number is the American Banking Association routing transit number (ABA RTN) in the United States and called the international bank account number (IBAN) in other countries. The routing number is comprised of nine digits that identify the city, state and ABA institution number of the bank from which the check was issued. This system, which has been in place since 1910 in the U.S., provides a way to easily identify account information on a check, especially one where the magnetic ink character recognition (MICR) numbers become illegible.
Using Your Routing Number to Transmit Funds
The bank ABA RTN serves as a way to identify your account and transmit funds. This information is used in more ways than it has in the past with the advent of the internet and mobile communications. It is possible to route funds from your bank electronically to pay a bill or make a purchase without having to write a check or swipe a credit or debit card. This ability to freely access your banking information can provide some potential security problems and the possibility that your information can be misused.
Safeguards to Protect Your Banking Information
You should take care to never provide your ABA RTN information to anyone who is not authorized to have the information. When using your information to make purchases online, you should verify the source where money is being transmitted for legitimacy. A better business bureau or local police agency can provide you with information about such business entities.
