Difference between Routing Number and Account Number
|
Basis |
Routing Number |
Account Number |
|---|---|---|
|
Identification |
The routing number tells which bank or credit union you’re using. |
The account number points to your own specific account within that bank. |
|
Length |
Routing numbers always have nine digits. |
Account numbers have between 8 to 12 digits. |
|
Usage |
Routing numbers are for sending money accurately between banks. |
Account numbers make sure that transactions go to the right account. |
|
Specificity |
Each bank or credit union has its own routing number. |
Your account number is unique to you within the bank. |
|
Transaction Purpose |
Routing numbers are for sending money outside the bank, like paying bills. |
Account numbers are for transactions inside the bank, such as withdrawing cash. |
|
Transaction Examples |
When you get paid through direct deposit, your routing number is used. |
When you withdraw money from an ATM, your account number is used. |
|
Examples |
Examples of routing numbers are ABA routing numbers and RTNs. |
Examples of account numbers include checking, savings, and loan account numbers. |
Differences between Routing Number and Account Number
In banking, there are two key numbers you need to know: routing numbers and account numbers. A routing number helps identify your bank, while an account number distinguishes your specific account. They’re both important for managing your money. Routing numbers are used for transactions between banks, like direct deposits and wire transfers, while account numbers are for transactions within your bank, like deposits and withdrawals. Knowing the difference between these numbers is vital for handling your finances securely and efficiently.