Bank Code Bank Code Usage 2

Question 1

Why might a large bank have multiple different routing numbers?

Accepted Answer

Different numbers are used for different states, transaction types, or acquired banks

Answer

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?

Accepted Answer

ABA routing number and account number for each account

Answer

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?

Accepted Answer

To capture your routing and account numbers printed in MICR format

Answer

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?

Accepted Answer

A direct deposit authorization form from the bank

Answer

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?

Accepted Answer

Routing and account numbers

Answer

Cash App requires your bank's routing number and account number to link a bank account for transfers.

Bank Code Practice Test

Bank Code Practice Test

Bank Code Bank Code Usage 2