Bank Code Cheat Sheet 2026

The 30 highest-yield Bank Code facts, distilled from real exam questions. Print it, save it as a PDF, or study it here — free, no sign-up.

1. How should a business handle an ACH transaction that has already settled but was sent to the wrong account due to an incorrect routing number? → Contact their ODFI bank to initiate a Reversing Entry or Automated Reversal
2. What mathematical formula is used to validate an ABA routing number? → 3(d1+d4+d7) + 7(d2+d5+d8) + 1(d3+d6+d9) must be divisible by 10
3. Position 7 and 8 of a SWIFT code represent the location code. What can these characters be? → Letters or numbers (alphanumeric)
4. What is 'synthetic identity fraud' as it applies to bank account and routing numbers? → Combining real and fake personal information to open fraudulent bank accounts
5. What verification step do banks use to confirm a new ACH payee's routing number is valid? → Routing number check digit validation
6. To receive an international wire transfer into a US bank account, what code does the sender typically need? → SWIFT/BIC code (and sometimes IBAN)
7. Which scenario most likely requires an IBAN rather than a routing number? → Receiving money from a bank in Germany
8. How can you confirm the codes for any bank worldwide? → Use a BIC or SWIFT code check website
9. What does the BSB number used in Australia identify? → The bank and branch
10. What is the safest action if you are unsure which routing number to use for a wire? → Call or message your bank to confirm
11. What is the main purpose of an IBAN? → To standardize identification of bank accounts across borders
12. What is a SWIFT code's standard length for most banks? → Either 8 or 11 characters
13. What does 'XXX' at the end of an 11-character SWIFT code signify? → The code refers to the bank's primary or head office
14. Which organization is responsible for assigning and maintaining SWIFT/BIC codes? → SWIFT (the SWIFT organization)
15. Characters 5 and 6 of a SWIFT/BIC code represent what? → The ISO 3166-1 alpha-2 country code
16. What does BIC stand for? → Bank Identification Code
17. Which federal regulation governs consumer electronic fund transfers including ACH direct deposit? → Regulation E
18. What is the primary purpose of a PIN on a bank card? → To authenticate the cardholder at ATMs and terminals
19. What does IBAN stand for? → International Bank Account Number
20. Under the USA PATRIOT Act, what customer information must US banks collect when opening accounts that are linked to routing numbers? → Name, date of birth, address, and government-issued ID number (CIP requirements)
21. What is an 'ACH R04' return code? → Invalid account number structure
22. Why should you avoid sharing your routing and account numbers carelessly? → They can be used to attempt unauthorized debits
23. What is the primary purpose of a SWIFT/BIC code? → To identify a specific bank in international transfers
24. An online form asks for your 'ABA number.' What is it requesting? → Your nine-digit routing number
25. Where on a paper check is the routing number typically located? → Bottom-left, as the first set of numbers
26. What should you do before providing routing and account numbers to a new employer for direct deposit? → Verify the employer is legitimate and using a secure system
27. What is the maximum number of characters allowed in an IBAN? → 34
28. In a SWIFT code, what do the two characters after the bank code represent? → The country code
29. What does a 'wire transfer' refer to? → An electronic transfer of funds between banks
30. What is the purpose of a 'memo' or 'reference' field on a transfer? → To provide a note identifying the payment's purpose