Routing Transit Number
A routing transit number (RTN) is a nine digit bank code, used in the United States, which appears on the bottom of negotiable instruments such as checks identifying the financial institution on which it was drawn. This code was designed to facilitate the sorting, bundling, and shipment of paper checks back to the drawer's (check writer's) account.
The RTN is also used by Federal Reserve Banks to process Fedwire funds transfers, and by the Automated Clearing House to process direct deposits, bill payments, and other such automated transfers.
The RTN number is derived from the bank's transit number originated by the American Bankers Association, which designed it in 1910.
Read more about Routing Transit Number: ABA Number Management, Routing Number Format, MICR Routing Number Format, Fraction Form, Canadian Transit Number
Famous quotes containing the words transit and/or number:
“My esoteric doctrine, is that if you entertain any doubt, it is safest to take the unpopular side in the first instance. Transit from the unpopular, is easy ... but from the popular to the unpopular is so steep and rugged that it is impossible to maintain it.”
—William Lamb Melbourne, 2nd Viscount (1779–1848)
“Strange goings on! Jones did it slowly, deliberately, in the bathroom, with a knife, at midnight. What he did was butter a piece of toast. We are too familiar with the language of action to notice at first an anomaly: the ‘it’ of ‘Jones did it slowly, deliberately,...’ seems to refer to some entity, presumably an action, that is then characterized in a number of ways.”
—Donald Davidson (b. 1917)