How to find bank transit number on cheque? It isn’t a difficult one at all. It’s just a seconds of looking on the digits number on your cheque and you’ll find it.
A transit number are digits number used in identifying a particular bank and it’s branch.
Every bank have it transit number as it is compulsory cause during money transfer, it the number not the bank that are used to identify a bank.
What is a transit number
Like i said, this is a five to nine digit numbers used in identifying a bank or a bank branch especially during domestic or international money transfer.
You can say a transit number or a routing number or even aba number. They all mean the same thing.
In some banks, their transit number is up to nine in digits while others are five digit numbers. So you can’t necessarily say that it is a five digit number, or a nine digit number.
It all depends on the bank you’re banking with and more especially your location or country.
For Example a transit routing number in the United States are nine in number, while a transit number in Canada are five digits.
Every financial institution be it commercial banks, investment banks, credit unions, brokerage firms etc all has a specific transit number.
Without it you can’t be able to identify a bank if you’re sending money to someone.
How to find transit number on cheque
This is actually the easiest way to find a transit number, though it is only applicable to those with a checking account.
To find your transit number on cheque, take a look at it and on the bottom of the left corner of the cheque you’ll see a five digits number, that’s your bank transit number.
You’ll got to see that it numbers are separated by a colon
On the cheque you’ll see a three digit numbers which is the cheque number, after it is a five digit numbers which is the transit routing number, followed by another three digit numbers which is the financial institution number and the last digits which is your account number.
Below is a typical example of it.
The above cheque is a sample of TD Bank cheque, which bears the details including the cheque number, transit routing number, institution number, designation number and account number.
This is quite different when you see a cheque from wells fargo, chase etc cause in the United States it is different.
You’ll see the routing number which is the first digit numbers on the left corner of cheque, followed by account number and then the cheque number.
Below is a sample of cheque issued in the United States;
Apart from having a checking account and using it to identify your transit aba number, there’s other way to find it.
Through internet banking.
It you don’t have a checking account in order to find your transit number on cheque, you can use your internet banking page to locate your transit number.
Simply login to your internet banking account using your username and password.
From there you should easily be able to see the account number of the account you would like to use, the institution number of the bank and the transit number of the branch.
The importance of transit number
The initial purpose of using the transit number was to help banks send the checks they received back to the banks that first issued them.
But right now it is not the case. It helps banks to keep track of their transactions, and when i say transactions i mean to say anything that involves money.
For Example a TD bank customer wants to send $5000 to a recipient banking with Scotia bank, will have to get the recipient full name, bank name, and also scotiabank transit number before the money transfer can go through.
Irrespective of the fact that you provided your bank name, without the routing aba number the transaction won’t be a successful one.
Bank transit numbers are essential to our banking system in today’s world. With thousands upon thousands of transactions taking place every day, banks need a way to quickly identify each other.
And it can only be possible through the transit routing number.
Tips for good money management
1.Create a cash flow budget: A cash flow budget helps to ensure that you can comfortably pay all your expenses and enables you to manage your revenues and expenses proactively.
It’s important to keep your cash flow budget up-to-date and to make sure that it reflects changes in your operating environment and your plans for your business.
2. Keep your payables up-to-date: Regularly reviewing your accounts payable schedule helps determine how well you are keeping up with your credit obligations.
A useful practice is to have an “aging schedule,” which shows you how much you owe, to whom, and whether you are current or past due on any bills.
3. Use credit effectively: The best credit facility will depend on your company’s individual circumstances, business plans, and existing credit facilities.
For example, term loans are ideal for long-term capital purchases, while lines of credit can be used to meet short-term working capital requirements or to take advantage of unexpected business opportunities.
4. Understand your expenses: Always remember to keep track of expenses paid by cash as well as credit cards.
The idea is to have all your expenses (both variable and fixed) accounted for to get a total amount.
This will allow you to see the whole picture and know how to manage your expenses going forward. You will also want to compare your historical performance over time.
5. Set Specific Financial Goals: Use numbers and dates, not just words, to describe what you want to accomplish with your money. How much debt do you want to pay off—and when? How much do you want saved, and by what date?
6. Track Your Net Worth: Your net worth—the difference between your assets and debt—is the big-picture number that can tell you where you stand financially.
Keep an eye on it, and it can help keep you apprised of the progress you’re making toward your financial goals—or warn you if you’re backsliding.
You May Like
With the tips you won’t find it difficult to find your transit number on cheque.