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July 20th, 2016, 11:06 AM
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Join Date: Mar 2013
Re: Bank of America ACH Routing Number

ACH Routing Number stands for Automated Clearing House (ACH) which is used for electronic financial transactions in the United States. It helps to improves payment processing efficiency and accuracy, and reduces expenses.

Banks offer ACH services for businesses who want to collect funds and make payments electronically in batches through the national ACH network.

ACH routing number is a nine digit number. The first four digits identify the Federal Reserve district where the bank is located. The next four numbers identify the specific bank. The last number is called as a check digit number which is a confirmation number.

ACH Routing Numbers are used for direct deposit of payroll, dividends, annuities, monthly payments and collections, federal and state tax payments etc.

ABA Routing Number
Routing numbers are also referred to as "Check Routing Numbers", "ABA Numbers", or "Routing Transit Numbers" (RTN).

It is a 9-digit identification number assigned to financial institutions by The American Bankers Association (ABA).

It identifies the financial institution upon which a payment is drawn. It may differ depending on where account was opened and the type of transaction made.

Each routing number is unique to a particular bank; large banks may have more than one routing number for different states.

Fedwire Routing Number
Fedwire Transfer service is the most expedient method for transferring funds between business account and other bank accounts.

It is used for domestic or international transactions in which no cash or check exchange is involved, but the account balance is directly debited electronically and the funds are transferred to another account in real time.

To complete a wire transfer, the sender must provide his bank name and account number of the recipient, the receiving account number, the city and state of the receiving bank and the bank's routing number.

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