When you make an electronic payment from your checking account, the bank __________ identifies the bank where you have an account.

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12-07-2022
Business

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When you make an electronic payment from your checking account, the bank __________ identifies the bank where you have an account.

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shubhamsinha3013 shubhamsinha3013 · Answer 1 · 2022-07-22T09:52:14+02:00

The answer is Routing Number.

Nine-digit identifiers called routing numbers are used to identify your bank or credit union during a transaction.

In 1910, the banking sector embraced the numbers to speed up and streamline operations.

There is less danger of misunderstanding because each bank has its own unique number.

Therefore, despite the fact that two banks may have similar names, their unique routing numbers make them easily distinguishable from one another.

A bank Routing Number is also referred to as an ABA (American Bankers Association) routing number and an RTN (routing transit number).

It enables institutions to find your specific account when used in conjunction with your account number.

Hence, When you make an electronic payment from your checking account, the bank routing number identifies the bank where you have an account.

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