Knowing your Regions Bank routing number will come in handy and is probably an absolute must when you are trying to automate your finances. Your Regions Bank is based on where you opened your account and what type of transaction you are making.
Regions Bank Routing number by state
What is a Routing Number?
A routing number is a nine digit code that is assigned to a bank or financial institution. The routing number system for banks was created in 1910 by the American bankers association (ABA). It was created to show which branch of the bank was responsible for paying a check written by a customer. It is used to process checks and make transactions.
A Routing number is referred to by a few different names but they all pretty much mean the same thing. The few different names are ABA Routing Number, Transit Number, ABA Number, Routing transit number, bank routing number.
Where to find your Routing Number
You can find your routing number at the bottom left corner of your check, right next to the account number. Most of us don’t have a checkbook anymore or don’t know where it is but there is no need to worry as long as you have signed up for online banking which is something almost all of us have these days. You can easily find your routing number from the account page once you have logged in.
Routing numbers are not exactly a secret and don’t have to be kept confidential. So you can easily find it posted on the bank’s website most of the time.
When is a routing number used
There are going to be several situations where you are going to be asked for your routing number. Here is a few of them
- For direct deposit from your employer to your bank account.
- Transferring money between accounts – like transferring money between your checking and savings account.
- Setting up automatic payment of bills from your bank account.
- For direct deposit for tax returns
- Making wire transfers
Routing Number Format
A routing number is a 9 digit unique code to each financial institution but is there any meaning to it? Does the 9 digit code have any meaning? It is broken down into four components actually.
The first two digits indicate the type of financial institution.
The second two digits indicate the Federal reserve bank district branch.
The next four digits show the financial institution where the checking account is held.
The last one digit shows the single check number
Can a bank have more than one routing number?
Yes, a bank can have multiple routing numbers. Routing numbers can differ based on the kind of transaction. The routing number you see on the bottom right corner of your check is the ABA routing number or your checking routing number. This is the routing number you will use if you want to order new checks.
Another routing number that is way more prevalent is the ACH routing number. ACH routing number stands for automated clearing house routing number and it is meant for electronic transactions between financial institutions which are performed by third party clearinghouses. In many cases, I have seen the ACH routing number is the same as the ABA routing number so there is not much to worry about. However, it doesn’t hurt to make sure that they are the same before proceeding with any financial transactions. You can always call your bank to verify this.
On the other hand wire transfers usually have a different routing number. Wire transfers are direct transactions between financial institutions and skips the third party clearinghouse used in ACH transfers. Since the middle man is avoided, these transactions are usually quick and completed within hours. The fast transaction comes at a cost, usually banks charge you upwards of $25 to complete a wire transfer. This should only be reserved for large amounts or transactions that have to be completed in a timely fashion. All this being said, Wire transfers usually have a different routing number from what I have seen. Call your bank to get the right routing number for wire transfers.