Practice Test GeeksBank Code Practice Test
← All Bank Code Flashcard Decks

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

  1. What is the CHIPS routing number used for in the US banking system?

    Answer: Large-value domestic wire transfers between major banks

    CHIPS (Clearing House Interbank Payments System) routing numbers are used for large-value, same-day domestic wire transfers between major financial institutions.

  2. A check routing number with a fraction format (e.g., 12-3456/0789) was traditionally used for:

    Answer: Manual check processing before computerization

    The fractional format routing number was used in manual check processing before computerization and is now largely obsolete.

  3. Which digits in a 9-digit ABA routing number serve as the institution identifier?

    Answer: Digits 5–8

    Digits 5 through 8 of a 9-digit ABA routing number form the institution identifier that uniquely identifies the specific bank.

  4. What does the last (9th) digit of a US routing number represent?

    Answer: Check digit for validation

    The 9th digit of a US routing number is a check digit calculated using a weighted sum formula to validate the routing number.

  5. Which organization maintains the official registry of US ABA routing numbers?

    Answer: American Bankers Association

    The American Bankers Association maintains the official registry of ABA routing numbers through its Routing Number Policy and Administration department.

  6. A US credit union typically uses which type of routing number for member transactions?

    Answer: ABA routing number (same system as banks)

    US credit unions use the same ABA routing number system as banks, with their own unique 9-digit routing numbers assigned through the ABA.