Bank Code Types Flashcards
6 cards from real Bank Code practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Bank Code Types flashcards as text
What does MICR stand for on a paper check?
Answer: Magnetic Ink Character Recognition
MICR stands for Magnetic Ink Character Recognition, the technology used to print routing and account numbers at the bottom of checks.
Which type of routing number is specifically used for paper check processing?
Answer: MICR routing number
The MICR routing number is printed on paper checks using magnetic ink and is specifically used for check processing.
A bank's ACH routing number and its wire transfer routing number are:
Answer: Sometimes the same, sometimes different
Some banks use the same routing number for both ACH and wire transfers, while others maintain separate routing numbers for each type.
What does BIC stand for in international banking?
Answer: Bank Identifier Code
BIC stands for Bank Identifier Code, and is used interchangeably with SWIFT code for identifying banks in international transactions.
How many characters make up the bank identifier portion (BIC) of a full 11-character SWIFT code?
Answer: 8
The bank identifier portion (BIC) consists of 8 characters: 4-letter bank code, 2-letter country code, and 2-character location code.
Which US bank code system was introduced specifically to handle electronic fund transfers?
Answer: ACH (Automated Clearing House)
The ACH (Automated Clearing House) system was introduced specifically to handle electronic fund transfers like direct deposits and bill payments.