ABA Transit Number
Barron's Banking Dictionary:
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Aba Transit Number
Numeric coding facilitating check clearing among banks. The ABA numbering system, managed by the American Bankers Association, assigns a unique identifier to each U.S. Financial institution. The ABA number is printed as the numerator (upper portion) of a fraction appearing in the upper right corner on checks; the denominator is the bank's Check Routing Symbol which identifies the Federal Reserve Bank servicing that financial institution. See also Magnetic Ink Character Recognition.
Investopedia Financial Dictionary:
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ABA Transit Number
A unique number assigned by the American Bankers Association (ABA) that identifies a specific federal or state chartered bank or savings institution. In order to qualify for an ABA transit number, the financial institution must be eligible to hold an account at a Federal Reserve bank. ABA transit numbers are also known as ABA routing numbers, and are used to identify which bank will facilitate the payment of the check.
Investopedia Says:
The ABA Transit number was originally developed in 1910 to indicate check processing endpoints. Since then, the number's use has increased to include participants in check clearing between banking institutions, automated clearing houses and online banking activities.
The ABA check routing number is usually the first nine digits in the bottom row of numbers on any check. For example, if the bottom row showed 123456789 0100100120: 0123, the ABA routing number would be 123456789.
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Barron's Banking Dictionary
Dictionary of Banking Terms. Copyright © 2006 by Barron's Educational Series, Inc. All rights reserved.
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Mentioned in
Account Number
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