There are various ways you can transfer money, and one of the most used platforms of money transfers are bank accounts. Banks allow you to transfer money within the institutions and in other banks. When transferring money to accounts in other banks, you require the routing and account numbers of the receiving accounts. Within bank transfers are usually faster compared to bank-to-bank transfers. Today I will teach you how to send money with routing and account number.
An account number usually identifies the particular customer in a bank. Since thousands of people can be banking at a particular bank, it could be not very clear for everybody to bring money to the bank. It can be hectic for banks and other similar financial companies without a way of keeping information about people who deposit money in a bank. An account number usually consists of 12 digits which sometimes mix with letters.
On the other hand, a routing number helps identify a particular bank. It usually consists of nine digits. Since we have hundreds of banks in the county, sending money to someone from another bank could be very difficult if it were not for the routing numbers. When combined with the recipient’s account number, it becomes straightforward to transfer funds to someone else of a different financial company.
How to get routing and account numbers?
When you open a bank account, you automatically get an account number. As I said earlier, the account number helps to identify specific consumers in a bank account correctly. No one else has an entity similar to that of someone else.
For the routing number, you use the one for your branch. Remember that every bank or bank branch has its routing numbers. As I said up there, the number distinguishes an institution from others.
You can get your routing and account numbers from your checkbook. Once you open a checking account from any institution, you are always allowed to request a checkbook. You can write checks to pay people and companies instead of cash or electronic transfer. The routing and account numbers are printed at the bottom of that check. The first set of numbers from your left is the routing number, while the middle one is the account number. The third set is the check number.
You can also get your routing and account numbers online from your online banking or banking app. It is easy to check these numbers since they are always under your profile. If you want to transfer money to someone else’s credit card or debit card to a bank account, these numbers will greatly be significant.
Lastly, another way of getting the details is by calling your bank and providing the necessary details. You can even walk to your branch and inquire about it when you are unsure.
Do credit unions have routing and account numbers?
Credit unions have routing and account numbers. Every financial company has routing and account numbers to facilitate money transfers. Even mobile money wallets such as Cash App, Venmo, Payoneer, and so on have account numbers.
Transferring money to a credit union account is the same as transferring to a bank account.
How to use routing and account numbers
I have just highlighted that you need the account and routing numbers when transferring money to an account of a different bank or branch. But how do you use the two sets of numbers? Well, when transferring money to an account of another bank, you enter the routing and account number of the recipient in the provided fields, then the amount plus other pieces of information before hitting send.
For example, when you want to transfer money from a credit card to a debit card, you will require the account and routing numbers of the debit card. Since debit cards are linked to checking and sometimes savings accounts, the recipient will only need to provide you with the routing and account numbers of the account associated with the debit card, and funds will automatically reflect in the debit card.
There are two main ways that you can use it to send money with an account and routing number. They include the following.
i) ACH transfer
ACH means Automated Clearing House in full. You can use the transfer method to move funds from your bank to another bank. The funds pass via the clearinghouse for various activities before they are released to the concerned bank account. When performing an ACH transfer, you should be ready to wait for up to three days for the funds to show in the recipient’s accounts. It can even take more if there are various technicalities.
The lengthy period is due to the various checks to ensure that the funds come from a legitimate source and that the recipient account has good records. ACH transfers can happen online or at a physical branch. The transfer method can be domestic or international.
ii) Wire transfer
Wire transfer is almost similar to the ACH transfer method, although the institutions themselves handle the funds. We saw that ACH transfers pass through a clearinghouse. Wire transfers are electronically contacted, and funds reach the intended account within 24 hours for domestic transfers. It can take longer for international transfers.
For your information, wire transfers are helpful when transferring large volumes of money. However, since the transfers are fast, you should ensure that all the details you input are correct. It can be challenging to reverse a wire transfer compared to ACH transfers. For example, if you use a wire to transfer money from a credit card to a bank account, it can be challenging to reverse the funds if you wrongly got things for the receiving account.
iii) Set up a direct deposit
The routing and account numbers allow you to set up direct deposits from your employer or government agency to receive money. You get funds earlier than it is with traditional banks. You only need to get the form to fill in your bank account details and return it to the concerned offices.
How to send money with account and routing numbers with no verification
Most financial companies verify your transactions to prove that you are the owner of the account you are trying to move money out of. There are various ways to verify if the person doing a transaction is the actual owner of the account. These include;
- Password
- Touch ID
- Face Unlock ID
- PIN
Nowadays, most financial companies go-ahead to send a One Time Pin (OTP) to your phone number when performing a transaction to make sure that someone else will not use your account to carry out a transaction. An OTP expires within a few minutes, and you have to get a new one every time you log in to your account to carry out a transaction.
Now back to our agenda of checking how to transfer money without verification. If you want to release money without inputting all those passwords, Touch IDs, etc., you will need to set up a standing order. A standing order refers to instruction that you give your bank to pay someone else’s bank account a particular amount of money in bits up to a specific time. If you have entered into a contract with someone to do a job with fixed payments every month, then setting up a standing order will be a good alternative.
Once you authorize your bank to deduct money from your account to pay someone every month, you will not need verification every time the bank transfers funds to the other account.
Can I send money without routing and account numbers?
You can move funds from your account to another person’s bank or credit union account without the above details. You have to use Zelle, an online money transfer platform that allows you to move money from one bank to the other.
Most banks in America support Zelle. You only need to open a Zelle account with your phone number or email. If the recipient is also on Zelle, you use their phone number to send them money. The funds will reflect immediately in their bank account. And by the way, sending money with Zelle is free, although the receiving bank may charge you some fees.
It is crucial to understand that Zelle supports banks and credit unions. The platform also supports debit cards. You can instantly transfer funds from a particular bank account to another bank or credit union via Zelle. However, you cannot send money from a credit card to a bank account instantly. That is because Zelle does not support credit cards. There is no direct method to instantly send money from a credit card to a bank account.
However, you can withdraw the funds at an ATM and then deposit them in a bank account just within the institution. The funds will reflect immediately. However, the method attracts high fees since you will be using a cash advance.
Can I change my account and routing numbers?
Changing a routing number from one branch to the other is possible. If you were working in a particular state and required to move to a different one, you might have to change the details to ensure that you continue enjoying the bank’s services in your new location.
You walk to a branch in the new location and request them to transfer your details to the new branch. It can take several days, but eventually, you will have a new routing number; the routing number of the branch in the new location.
However, it may not be possible to change your account number. The best solution is to get a new account number is to open another one and transfer funds from the old account to the new one. That way, you will have a new account number.
Do I need the account and routing numbers for a balance transfer?
Balance transfers involve moving debts of a credit card to another credit card with favorable terms and conditions. This can be a credit card with low-interest rates and higher limits. To transfer balance from one credit card to another, you must apply for a balance transfer credit card. If approved, you then present the details of the other card to your new card issuer, who will repay the debt on your behalf, then transfer it to the new card.
After the debt is transferred, you then repay the debts with a 0% interest rate for a certain period or another low interest rate than the previous card’s one. Now back to our query. The balance transfer credit card issuer indeed requires the routing and account number of the other card to repay the loan.
Can someone withdraw money with my account and routing numbers?
There are cases whereby people lose money after giving out their account and routing numbers. Yes, you can lose money via the two sets of numbers. Now I know you are asking yourself how. Well, some fraudsters already know your address. They can order checks from your bank and use them to buy goods and services. So even if they do not have your PIN or password to your account, they can still steal your money.
Another way that fraudsters can steal from you is when they know your details and have your ID, they can visit your bank, fill in the withdrawal slip, together with your signature, then withdraw money from your account. You should keep the details confidential and only share them with trustworthy people or companies.
Bottom line
Account and routing numbers are critical when it comes to money transfers. When transferring funds from one bank or credit union to another, you require the two details. The account number helps identify the account holder, while the routing number helps identify the bank’s branch. When transferring funds to an account within the same institution, you require only the account number, and you are good to go.
