How to Find an ACH Routing Number

How to Find an ACH Routing Number

An Automated Clearing House (ACH) is a payment transfer method. To find the ACH routing number, you must first know that it consists of 9 unique digits, making it easier for you to distinguish.

Each banking institution in the US has an assigned ACH routing number, which banks need to distinguish where payments are sent to and received from. The routing number is used with an account number to send or receive ACH payments.

This payment transfer method is so popular that it has been used by millions of people globally. To give you an idea of how famous it is, the ACH Network set a record of 7.3 billion in the first quarter of 2022.

ACH needs customers to hold on to specific credentials. Users should know how to find an ACH routing number, for the transactions to be smooth and secure. It is important for you to know what your routing number is for and how to get one for your international money transfers to avoid delays and issues.

Find your ACH routing number

Finding your ACH routing number could be a hassle at first glance if you do not know where to start looking. However, finding it is relatively easy as there are various ways to find an ACH routing number:

Option 1: From your cheque book

If you want to know how to find an ACH routing number, as well as your account number, take a look at your paper cheques. A routing number has 9 digits. Usually, the routing number consists of nine digits.

Its first number at the bottom is located between the two ⑆ symbols. Meanwhile, the account number is located on the right side of the routing number. It can consist of up to 17 digits.

Option 2: From the bank’s website

You can usually find your routing number on your bank’s website. For instance, you can find your RBC ACH routing number by going to the website of the Royal Bank of Canada. Some banks, however, use different routing numbers, especially for different branches. Therefore, you must double-check your bank’s routing number registry.

The only problem with this method is that it is not helpful in finding your account number. It can only lead you to find your ACH routing number.

Option 3: From your Internet banking

You can find your personal bank account details by logging into your internet bank. You can find the account number of the specific account that you want to use.

When it comes to finding the ACH routing number, you might need to look for the detailed information section of the app.

The details should say “routing number”, “electronic ABA routing number”, “routing/transit number” or “ACH routing number”. However, the description will vary from one bank to another. Just make sure that it consists of nine digits so that you know you are looking at the right number.

You must take note that you can have different routing numbers because it depends on the type of transaction you are making. Therefore, be sure to pick the right one when setting up the type of transfer.

how to find an ACH routing number - comparewise

Finding a bank with a routing number

Meanwhile, if you have a routing number and you wish to look up the bank associated with it, you can make an ABA search by simply going to the ABA’s website.

You can also find an ACH routing number by going through the website. Simply enter the bank’s name and address.

It is important that you protect your personal account number. This is because you can receive cheques without the need for the name of the bank. Technically, the Federal Reserve system can process transactions, as long as they receive the bank routing number and account number.

The difference between ACH and ABA routing numbers

An ACH routing number in Canada applies to electronic transactions, like withdrawals and money transfers. Meanwhile, ABA routing numbers apply to paper checks.

Many of the banks use the same routing number for both transactions. However, you can sometimes see separate ACH and ABA routing numbers, especially for regional lending institutions.

If you want to find an ACH routing number, you will usually see the words “number for electronic transfers” or “electronic routing numbers”. On the other hand, ABA routing numbers are sometimes called “check routing numbers”.

If there is only one number shown, then there is a high chance that the bank uses the same digits for both ACH and ABA routing numbers. If you are unsure, you can always call and ask the bank, just to be on the safe side.

The difference between ACH and wire transfers

ACH transfers are automated electronic transfers. These transactions are usually conducted through a third-party clearinghouse between financial institutions. You must know how to find an ACH routing number if you want to make ACH transactions.

On the other hand, wire transfers are electronic transactions that are directly made between financial institutions.

ACH transfers can be much slower than wire transfers. This is because wire transfers are made directly and not cleared through a third party. Therefore, wire transfers can be done within hours, or even better, within minutes from the time they are filed.

Wire transfers are also considered safer and more secure as a bank must verify the transaction first before it clears. ACH transfers, on the other hand, can take a couple of days or more, but their transactions usually clear automatically.

Banks usually charge users $15 to $65 to send and receive wire transfers. However, users can make ACH transactions for free. It makes sense why people want to know how to find their ACH routing number and make ACH transfers instead of wire transfers, even though the former is much slower. ACH transfers are more efficient if you are making transfers often.

However, it is better to choose wire transfers if you are making essential purchases that require large amounts of money. They are also the best choice if you need the funds transferred almost immediately.

What makes ACH more secure?

Firstly, one should know that ACH and wire transfers are both safe to use. But what makes ACH transactions more secure is that they undergo an independent clearinghouse, which follows tight rules and regulations, such as requiring you to find your ACH routing number.

Wire transactions are also secure. However, users cannot reverse their transfers, making this type of transfer slightly less secure. This means that if the bank or the user makes a mistake in making the money transfer, it will be more challenging to retrieve the funds.

The advantages and disadvantages of ACH transactions

The ACH payment method has its own advantages and disadvantages. Below are some of its benefits:

  • Available to anyone: If you have a bank account, then you can easily make transactions using the ACH method, whether you are a business or a consumer.
  • Low cost: ACH transactions are not routed through expensive card networks. Therefore, they make a cheaper method to transfer money to other bank accounts.
  • High retention: Credit and debit cards have their expiration. This eventually leads to involuntary churn. Meanwhile, your bank account is the main source of funds when making ACH transfers. Using this method reduces the risk of involuntary churns by a great degree.

Although the ACH transfer method has its own charm, it also has a disadvantage. Making money transactions by finding the ACH routing number and using this method will take slower, compared to wired transfers.

Every payment method will have its own unique advantages and disadvantages. It is your specific transfer goals that would determine which method is best for you. Electronic and online money transfers tend to be faster, making them more convenient and saving you from several issues.

How to find an ACH routing number conclusion

To conclude, users must know how to find an ACH routing number and what this payment method can offer to be able to make such money transfers.

Meanwhile, if you are making money transfers to send funds to your loved ones, online transactions may be much better as they are faster. They are also much more suitable for emergency situations.

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FAQs about how to find an ACH routing number

Do all banks use ACH?

Banks in the United States use ACH, so you will need to know how to find your ACH routing number. This payment method is much easier to use because all a user needs to receive funds using ACH transfer is a valid bank account and a routing number. Other payment processors like Stripe, PayPal, and Square also use ACH.

Does ACH mean wire transfer?

No, these are two different payment methods. Both of them work in a similar way. However, each payment method has its own timelines and rules. With ACH transactions, you will need to find your ACH routing number and wait for several days as it goes through the Automated Clearing House before the recipient receives the funds. Meanwhile, wire transfers are immediate because they are direct and do not have to undergo an ACH.

How fast is an ACH transfer?

The ACH payment method can take two to three business days before the recipient receives the funds in their banks. They take much longer to clear because this payment method is processed by banks together at once. If you need your recipient to receive the funds immediately, wire transfers are much more efficient as there is no hold on funds, so your recipient receives it right away.

How much does an ACH transfer cost?

Before you try to find your ACH routing number, know that ACH transactions can cost you between $0 and $10. Payment processing companies may negotiate rates, especially if you make a lot of ACH transactions. However, some banks do not charge their users ACH payment fees, including online bill pay.

Can ACH payments be rejected?

Yes, ACH transactions can sometimes be rejected. Usually, the bank rejects the transfer if the user enters incorrect payment information. This is why you should know how to find your ACH routing number. If this happens, you should log into your account and enter the correct information the second time you submit your payment.

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May 13, 2023
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