Its surprising how difficult customers find it to transfer money using routing number and account number.
Perhaps they have not yet come across the right and truly helpful guide.
However, with piece of writing, you would be able to find out answers to all the queries you have about using account number and routing number to send funds from one to another account easily and quickly.
How To Transfer Money Using Routing Number and Account Number
This is not new and this is not tricky!
In fact, funds exchange with routing and account number is one of the oldest known method of sending and receiving money. All bank accounts carry this essential information that is disclosed to the accountholder at the time of account opening.
Almost all banks require you to provide routing number and account number or at least one of these when making any sort of transaction. Therefore, it is necessary to know some common money transfer methods and how they work.
Lets take a look at some of these below.
Send Money From One Bank To Another
Bank to bank money transfer has to be one of the most extensively used method of sharing funds. This is even more common in regions where the trend of mobile wallets and app has not yet kicked in.
Typically, customers were required to visit the bank physically and fill in a form to initiate a transfer. This method is same for all types of bank account including best checking accounts for bad credit. Although this too required them to enter routing number and account number, the entire process can now be performed online.
Another common approach is the use of cash withdrawal via ATM. You can simply visit a nearby ATM and take out cash that you want to deposit in another bank account. After that you have to visit the bank and provide account number + routing number to initiate the deposit.
Many customers hesitate from using this method as it can take up to 2 days to complete. In contrast, there are alternatives that take only about 30 minutes for the funds to be moved to another bank account, local or international.
Share Funds Using a Check
You also need to provide routing and account number when sharing funds via checks. The paper would mention the amount that you wish to transfer as well as the details of the recipient account.
The check needs to submitted to the bank directly. Moreover, it can take a couple of days for the bank to process the transaction although, in some case, the transfer might be complete within hours.
Share Funds Using Money Order
Anybody who has been into transactions for long must know how money orders work. This is a simple process in which you can send the required amount of money to the recipient using mailing address and envelope.
Money orders have lost their following because of more security issues as compared to other means of transferring money. Many senders or recipients have pointed out that the money never reached them and there was no reliable way to track the package.
Send Money to Prepaid Card
Another way to transfer money using routing number and account number is to utilize reloadable prepaid cards.
These cards work by depositing some funds on to it and then using them to make payments in-store or online. Once the funds have expired, you can recharge the cards hence the name “reloadable”. This can be done through banking services or other types of money transfer apps such as PayPal.
Withdraw Cash Using Routing Number and Account Number
So now you know that account and routing numbers are necessary when transferring money.
Moreover, they are also required when taking out cash. Although majority of us prefer to shop online, we still need a bit of cash every now and then.
So how does money transfer with account and routing number works?
You simple have to provide these details at the time of cash withdrawal. There is no cap on the amount that you can take out. Furthermore, there are no extra fees involved in this method.
Is It Important To Know The Account Number and Routing Number for Your Bank?
The importance of knowing your account and routing number can not be understated. You are not only asked for these at time of transactions but at other instants as well.
For example, you may have to provide the routing and account number when receiving money from other bank accounts. The transfer can not be complete without this data. Moreover, employers needs these number to send over pay rolls at the end of every month.
Similarly, online payments and purchases required account number and routing number.
When you are connecting your bank account to mobile app, the application would request you for this data. The linking process would finish after you enter all the required information.
Lastly, routing + account number is required for check issuing.
This is critical information that must be presented by every user who is still relying on paper checks.
Now you can see how important routing and account numbers are? Don’t forget to keep tabs on these whenever you open a new bank account. Here is a summary of the few points we have discussed above.
- Account number and routing number are essential when receiving money from other accounts.
- These are also required during online payments.
- You have to mention these details when linking a bank account with mobile app.
- These are required at the time of check issuing as well.
Can You Transfer Money Using Routing Number and Account Number or Just ONE Of These?
By now you will be well aware of all the methods that require routing and account number. It is now time to explore whether money transfer is possible or not with just one of these numbers.
You can transfer money with just account number.
This process if cost-efficient and easy to complete. It will take a couple of minutes or an hour depending on which bank you are using.
Similarly, the entire process can also be carried out online with just providing the account number. This would save you from visiting the bank yourself and allow the transfer to be completed instantly.
Unfortunately, the transfer can not be completed by providing just the routing number of the account.
Ways To Stay Safe When Sending and Receiving Money Online
Even the most typical of money transactions would require you to enter the account number and routing number especially when you are sending funds online.
Since providing any extra information can be unsafe, we always try to educate our readers about the dangers of using money transfer methods carelessly.
There is not much you can do to change the account number and routing number unless you open a new bank account. Therefore, this information can not be retrieved once you have shared it with someone. Although that is not dangerous on its own, you should always keep the secret code or PIN of your account private.
Moreover, there are a number of steps that you can personally take to protect yourself from frauds and scams when sharing money using your account number, routing number, or even the most reliable mobile apps.
Take a look at some of the tips that we have gathered below.
- Never share your personal information if asked to do so via phone call or mail. There is no bank in the US that requests for personal data through such means.
- Whenever you have to login your account, do so using your own device. Accessing sensitive accounts through public computers can result in third parties getting hold of your data without permission.
- Make sure you shred or properly dispose any paper, financial documents, receipt, etc. that may contain sensitive data such as your contact information, account number, etc.
- Keep a check on your monthly statements to ensure that you had authorized every transaction mentioned there.
- Be up to date with contact information of your bank so you can get in touch with their representatives as soon as possible.
Lastly, it is important to know that a transaction would only be successful if you provide the right information. Sending funds to a wrong account may be irreversible so be careful.
So this is how money transfer using routing number and account number takes place. Hopefully, the article has provided you with all the information that is needed to complete such a transaction successfully.
Moreover, we tried our best to provide additional insight as well on what exactly account numbers and routing numbers are as well as how to keep yourself safe when making online money transfers.
If you think we have missing out on anything important, don’t hesitate to point it out in the comment section section. The team at Perkstreet.com will be more than happy to accommodate your queries. Thank you!