ABA quantity (Noun): An American Bankers Affiliation (ABA) routing quantity is a nine-digit code that identifies the monetary establishment the place an account is held. It’s used to facilitate digital funds transfers, similar to direct deposits or computerized invoice funds.
For instance, a pattern ABA routing quantity for Financial institution of America is “061000051”.
ABA numbers are essential for making certain correct and well timed digital funds. They assist banks establish the sender and receiver of funds, stopping errors and delays. Traditionally, ABA numbers have been developed within the 1910s to standardize the routing of paper checks, however their significance has grown immensely within the digital period of digital banking.