What is a banking ABA number?
ABA stands for the American Bankers Association. This group assigns routing numbers to each financial institution to facilitate faster transfers of money.FunctionEach financial institution has its own ABA routing number so that people cashing checks know which bank the money is held at.IdentificationThe ABA routing number is a nine-digit number unique to each financial institution. You can find it online or by looking at the bottom left-hand corner of your check, next to the account number.HistoryThe ABA began issuing numbers in 1910. As of 2010, the ABA has over 28,000 active numbers.EligibilityOnly banks chartered by the federal government or a state government and that have an account with the Federal Reserve can have an ABA routing number.ConsiderationsSome banks have multiple routing numbers for accounts in different states or even different regions of the same state.
