A routing quantity, often known as a routing transit quantity (RTN), is a nine-digit code that identifies a selected monetary establishment in america. 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. In addition they facilitate interbank communication and allow varied monetary transactions, comparable 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.