Bank Code Bank Code Usage 2 — Questions and Answers
Question 1: Why might a large bank have multiple different routing numbers?
- Each account type requires a different number
- Different numbers are used for different states, transaction types, or acquired banks (Correct answer)
- Routing numbers change monthly for security
- Each teller has a unique routing number
Correct answer: Different numbers are used for different states, transaction types, or acquired banks
Large banks often have multiple routing numbers assigned by state, transaction type (ACH vs. wire), or due to banking mergers and acquisitions.
Question 2: When completing IRS Form 8888 for a tax refund split deposit, what information is required for each account?
- SWIFT code and IBAN
- ABA routing number and account number for each account (Correct answer)
- Bank name and branch only
- SSN and account number
Correct answer: ABA routing number and account number for each account
IRS Form 8888 requires the ABA routing number and account number for each bank account you want to split your tax refund into.
Question 3: A mortgage company asks for a voided check when setting up autopay. Why?
- To verify your signature
- To capture your routing and account numbers printed in MICR format (Correct answer)
- To confirm the check balance
- To verify your bank's FDIC insurance
Correct answer: To capture your routing and account numbers printed in MICR format
A voided check provides the mortgage company with your routing and account numbers in MICR format, which are needed to set up ACH autopay debits.
Question 4: Which document other than a voided check can US banks typically accept to set up ACH direct deposit?
- A credit card statement
- A direct deposit authorization form from the bank (Correct answer)
- A government ID
- A recent utility bill
Correct answer: A direct deposit authorization form from the bank
Most US banks provide a direct deposit authorization form (or pre-filled letter) that includes your routing and account numbers as an alternative to a voided check.
Question 5: For a person-to-person payment using a bank account on Cash App, what is needed to link the account?
- Only a debit card number
- Routing and account numbers (Correct answer)
- SWIFT code and account number
- Bank username and password only
Correct answer: Routing and account numbers
Cash App requires your bank's routing number and account number to link a bank account for transfers.
Question 6: What is the typical processing time for an ACH transfer using standard routing and account numbers?
- Immediate (real-time)
- 1–3 business days (Correct answer)
- 5–7 business days
- 2 weeks
Correct answer: 1–3 business days
Standard ACH transfers using routing and account numbers typically take 1–3 business days to process, though same-day ACH is increasingly available.
Bank Code Bank Code Usage 2
Why might a large bank have multiple different routing numbers?