Bank Code Finding Bank Code 5

Question 1

What is a checksum's role in a U.S. routing number?

Accepted Answer

It validates the number using a weighted formula

Answer

Routing numbers include a check digit validated by a weighted-sum (mod 10) formula.

Question 2

Two banks merged. What should you verify about your routing number afterward?

Accepted Answer

Whether the surviving bank issued a new routing number

Answer

Mergers can result in a new routing number, so confirm the current one with the bank.

Question 3

Which institution maintains the official registry of ABA routing numbers?

Accepted Answer

The American Bankers Association / its registrar

Answer

The American Bankers Association oversees the assignment of routing numbers through its registrar.

Question 4

A SWIFT code ending in 'XXX' usually indicates what?

Accepted Answer

The bank's head office (primary branch)

Answer

An 'XXX' branch code in an 11-character SWIFT refers to the institution's head office.

Question 5

Which scenario most likely requires an IBAN rather than a routing number?

Accepted Answer

Receiving money from a bank in Germany

Answer

Transfers involving European banks typically require an IBAN.

Bank Code Practice Test