Bank Code Bank Code Usage 1 — Questions and Answers
Question 1: When setting up direct deposit for a US paycheck, which two pieces of information are always required?
- SWIFT code and account number
- ABA routing number and account number (Correct answer)
- IBAN and BIC code
- Bank name and branch address
Correct answer: ABA routing number and account number
Setting up direct deposit in the US requires your bank's ABA routing number and your specific account number.
Question 2: For a domestic US wire transfer, which routing number should you provide?
- ACH routing number
- Wire transfer routing number (Correct answer)
- SWIFT code
- MICR number
Correct answer: Wire transfer routing number
Domestic US wire transfers require the wire transfer routing number, which may differ from the ACH routing number used for electronic payments.
Question 3: When paying a US bill online via bank transfer, which routing number format is typically used?
- Wire transfer routing number
- SWIFT code
- ACH routing number (Correct answer)
- CHIPS routing number
Correct answer: ACH routing number
Online bill payments via bank transfer use the ACH routing number, as ACH is the standard network for electronic bill payments in the US.
Question 4: To receive an international wire transfer into a US bank account, what code does the sender typically need?
- ABA routing number only
- SWIFT/BIC code (and sometimes IBAN) (Correct answer)
- ACH routing number
- CHIPS UID
Correct answer: SWIFT/BIC code (and sometimes IBAN)
To receive international wires, you provide your bank's SWIFT/BIC code; some countries also require an IBAN, which US banks can provide upon request.
Question 5: Which code is required when making a payment via Venmo or Zelle that is linked to a bank account?
- SWIFT code
- ABA routing number and account number are linked during setup (Correct answer)
- IBAN
- No bank codes are needed
Correct answer: ABA routing number and account number are linked during setup
When linking a bank account to Venmo or Zelle, you provide your ABA routing number and account number during the initial setup process.
Question 6: What happens if you provide the wrong routing number when setting up a direct deposit?
- The deposit is automatically returned and re-sent
- The payment may be rejected, delayed, or deposited into the wrong account (Correct answer)
- The bank will call you to confirm before processing
- Nothing — routing numbers are not validated
Correct answer: The payment may be rejected, delayed, or deposited into the wrong account
An incorrect routing number can result in a rejected payment, a delay while it is returned, or — if the wrong number is valid — deposit into an unintended account.
Bank Code Bank Code Usage 1
When setting up direct deposit for a US paycheck, which two pieces of information are always required?