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Finance: What is a Routing Number? 20 Views
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Description:
You've seen routing numbers on checks before, but what do they actually do? Hit play to find out.
- Social Studies / Finance
- Finance / Financial Responsibility
- College and Career / Personal Finance
- Life Skills / Personal Finance
- Finance / Finance Definitions
- Life Skills / Finance Definitions
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- Terms and Concepts / Banking
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Transcript
- 00:00
finance a la shmoop what is a routing number of a routing number is so that
- 00:09
wired monies can you know like find their way home yeah think of them like [maze game]
- 00:14
the smell of worm to Canadian geese when you write a check or wire money or do [worms and Canadian geese]
- 00:20
almost anything financial these days the dough is given a kind of custom [card getting swiped]
- 00:24
electronic signature and basically a number a big fat one like this one yeah
Full Transcript
- 00:29
and the numbers mean specific things like on a paper check the routing of the
- 00:34
dough you're paying to Lana sim for um you know services rendered comes in two [breakdown of a check]
- 00:41
pieces there's a nine digit routing number aka our TN aka routing transit
- 00:48
number which is here and that number is then mapped to your specific account
- 00:53
number which is here why did you need this number why do you need it at all
- 00:58
well when you suddenly see an item on your bank statement for a payment of [bank statement document]
- 01:02
$350 to Yamaka supply limited and you're about as Jewish as the Pope well you may [Pope Francis in the Vatican]
- 01:09
want your bank to be able to track that sucker down because it was fraud on your
- 01:13
account I'd like to be able to prove that you were not in fact the one who
- 01:16
authorized that payment so your bank can refund you you know your hard-earned
- 01:21
cash all right there we go much better yeah I am
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