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Placeholder Lesson:
** This lesson is generated with AI assistance and approved by Danny Nelson. This lesson will communicate the essence of the topic for now until Danny can create a full lesson. **
A routing number is a nine-digit code used in the United States to identify the specific financial institution or bank branch associated with a checking or savings account.
It is essential for facilitating electronic transactions such as direct deposits, wire transfers, and automated clearing house (ACH) payments.
The routing number appears at the bottom left of a check, followed by the account number and check number.
Unlike an account number, which identifies the individual account, the routing number specifies the bank itself and helps route funds correctly during processing.
Banks may have multiple routing numbers depending on the region or type of transaction, so it's important to use the correct one to avoid delays or errors.