What is a bank routing number and do I need one?
The bank “routing number” is a multi-digit set of numbers that correlate banks and accounts. Every bank has multiple routing numbers that are used to determine how money is placed into accounts. The “routing number is actually part of your 15 digit account number. The type of account that you have currently set up may not be suitable for transferring grant funds, however. Please check with your bank and confirm that your account is set up to accept wire transfers on an “ACH” basis. The specific “routing number” that you need to include is the “routing number” that your bank uses to make wire transfers on a next day availability basis. This routing number is referred to as the “ACH routing number” (Automated Clearing House). Accounts that are set up as Savings accounts and/or money market accounts can not be used for the purpose of transferring grant funds. Additionally, the listed “Payee and “Signature” on the account must be the same as those designated on the account.
