The purpose of a routing number is so that wired monies can find their way home.
Think of them like the smell of worm to Canadian Geese. When you write a check or wire money or do almost anything financial these days, the dough is given a kind of custom electronic signature. Basically…a number. A big fat one. And the numbers mean specific things. Like...on a paper check, the routing of the dough you’re paying to “Lana Sinn” for, um, services rendered…comes in two pieces. There’s a 9-digit routing number, a.k.a. RTN, a.k.a. Routing Transit Number, and that number is then mapped to your specific account number.
Why do you need this number? Well, when you suddenly see an item on your bank statement for a payment of $350 to Yarmulke Supply, Ltd., and you’re about as Jewish as the Pope...you may want your bank to be able to track that sucker. You’d like to be able to prove you were not, in fact, the one who authorized that payment, so your bank can refund your hard-earned cash.
Ah...much better. L’Chaim.
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Finance: What is a Routing Number?20 Views
finance a la shmoop what is a routing number of a routing number is so that
wired monies can you know like find their way home yeah think of them like [maze game]
the smell of worm to Canadian geese when you write a check or wire money or do [worms and Canadian geese]
almost anything financial these days the dough is given a kind of custom [card getting swiped]
electronic signature and basically a number a big fat one like this one yeah
and the numbers mean specific things like on a paper check the routing of the
dough you're paying to Lana sim for um you know services rendered comes in two [breakdown of a check]
pieces there's a nine digit routing number aka our TN aka routing transit
number which is here and that number is then mapped to your specific account
number which is here why did you need this number why do you need it at all
well when you suddenly see an item on your bank statement for a payment of [bank statement document]
$350 to Yamaka supply limited and you're about as Jewish as the Pope well you may [Pope Francis in the Vatican]
want your bank to be able to track that sucker down because it was fraud on your
account I'd like to be able to prove that you were not in fact the one who
authorized that payment so your bank can refund you you know your hard-earned
cash all right there we go much better yeah I am