Whether you’re opening your first bank account or still have some questions about the whole banking process, we’re here to help.
There are many different types of accounts out there to choose from, but even a basic checking account comes with important details that you need to know about to make your financial life easier.
What is a routing number?
A routing number is a nine-digit identification number that each bank in the country has. You can think of this as a numerical address for the bank that ensures any money being sent to and from accounts is going to the right place.
These numbers were adopted by the American Bankers Association back in 1910 to simply check processing. But they’re still used today to complete essential banking functions like depositing checks, wiring money, and even making digital payments via third-party tools like Zelle and Venmo.
Every financial institution has their own unique routing number, typically organized by state. However, some banks can also have different routing numbers depending on the type of transaction being completed.
Where do I find my routing number number?
For most people, it’s easy to find your routing number if you still use paper checks. It’s usually in the bottom left corner of each individual check in your checkbook, and typically begins with a number between 0 and 3. The next number is your account number, and the right number is the check number. Some employers will ask you to provide a voided check to get this information for them to set up your pay direct deposit.
If you’re not using a physical check, you can still find your routing number via your online banking system or even searching online. Unlike your personal account numbers, routing numbers are not private information and can be found online or at your local bank branch.
Login to your online or mobile banking app and look under settings or a tab called “account information.” The routing number should be listed somewhere here. You can also find this information on your statements, both online and paper.
If you still can’t find it, you can always stop in at a branch and ask for this information or call the customer service line to confirm that the routing number you’ve found is correct. If banks move or merge, their routing number can change so it’s always best to check before using it.
What’s the difference between a routing and account number?
A routing or transit number is tied directly to your financial institution, not you as the customer. This number relates to the specific bank you’re working with. Your account number, though, is unique to the checking or savings account you have open. This information should also be kept private.
Think of your routing and account numbers like you would your home address—many people live under the same zip code as you (your routing number), but only you live at your specific address (account number).
When do I need to use a routing number?
There are a range of instances when you’ll need to know your routing number and may need to pass this information onto someone else, either an individual or a business. Some of the most common tasks that require you to know your routing number are:
- Setting up a direct deposit with an employer or the government
- Setting up automatic bill payments
- Depositing a check into your account
- Sending and receiving wire transfers
- Using third-party payment tools like Venmo, Zelle, or PayPal
- Transferring money between accounts you have at different banks
- Making payments over the phone
- Ordering new checks
- Linking a budgeting app to your bank account
You’ll only need to know your routing number when using your bank account directly. If you’re using a debit card connected to your account, or a credit card, you won’t need this information.
How do I open a bank account?
Whether you’re opening a checking or savings account, there’s certain information that you will need to provide in order to start this new account.
Most banks allow any U.S. citizen or permanent resident aged over 18 (this is 19 in some states) to open an account online or in person. International students or those living in the U.S. temporarily on other types of visa will need to visit a branch with their documentation.
There are ID requirements that you’ll need to provide in order to prove your identity and citizenship or residency status. These can include:
- U.S. government-issued ID like a driving license or passport
- Social Security Number
- Date of birth
- Residential address
- Military IDs or state IDs can also be accepted
- Residents will also need to provide their permanent resident (green card) or other immigration documents
Some bank accounts may require you to make a small initial deposit when you open a new account, so be prepared to do this. For a minor opening an account, a parent, legal guardian, or other adult will need to co-sign on the account.
How can I check my bank balance?
There are several ways that you can check the current balance of your bank accounts. For most people, using the bank’s website and online banking tools is the easiest, along with mobile banking apps. These allow you to login with a username and password, with account balance information usually available on the first screen past login.
You can also check your balance at any ATM by inserting your debit card, entering your PIN and selecting “balance inquiry.” You may be charged a small fee if using an out-of-network ATM, so try to stick to those that belong to your bank or their financial partners.
Some banks still also offer phone-based balance checking services, which allow you to hear your current balance over the phone. This is usually an automated service with a dedicated number provided by your bank. You will likely need to enter your account number and other identifying information in order to get this information.
You can also see recent transactions and balances on your bank statements. However it’s important to note that, depending on when these were mailed and what you’ve done since then, the current balance may not be accurate.
Finally, you can also ask a bank teller at your local branch to provide you with this information. After confirming your identity, bankers can give you this information directly, along with details about your recent transactions.
Open your new bank account today
No matter what information you’re trying to learn about your bank account, you can find these details quickly and easily both online, on your phone, or in a bank branch. At F&M Bank, we’re here to help you understand your finances better to make smarter decisions about your next money moves, like opening a new checking account or exploring our savings account options to put aside money each month.
Contact us today to learn more about personal and business banking services, or visit one of our convenient locations in the Shenandoah Valley to talk to our banking team about your specific needs. Find out how we can support you with your financial goals this year and ways that you can become more educated about financial matters.
