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What does the "fractional number" mean on a check?

Published July 11, 2018

For faster processing, the banking industry began assigning routing numbers to represent the institution from which the funds should be drawn. The routing numbers are eight or nine digits and aid in the processing of paper, wire, and electroinic transactions. When present, the ninth digit is a "check" number to ensure that the other eight characters were processed correctly. more…

What is a SWIFT or BIC number?

Published July 8, 2018

A SWIFT code is an international bank code that identifies specific banks across the world. SWIFT is an acronym for Society for Worldwide Interbank Financial Telecommunication. more…

How can I detect ATM skimmers?

Published July 3, 2018

ATM skimmers are unfortunately gaining popularity and becoming harder and harder to spot, resulting in expensive fraud. In a lot of cases, your bank might work with you to get back any funds lost after your card number and PIN are stolen by a skimmer, but it can be a lengthy and exhausting process, and isn't even guaranteed to get your money back. more…

Why does direct deposit need a voided check?

Published June 27, 2018

When you start a new job or re-enroll in direct deposit, the most frustrating part can be providing a voided check. In a digital society, why does direct deposit require a voided check? more…

Why does my bank have so many routing numbers?

Published June 23, 2018

Consumers enjoy lots of flexibility in banking choices because of regulation that prevents monopolies. Occasionally, though, banks combine or fail and are acquired, and typically their most valuable asset is the accounts already under management. As such, the banks that repeatedly grow through mergers and acquisitions have become very efficient at streamlining the process of onboarding new customers from an existing bank. more…

What do the parts of a check mean?

Published June 19, 2018

It's hard to imagine a piece of paper signifying value in 2018, but it seems that checks are here to stay for some transactions in the short term and maybe even longer term for business through the mail. How have checks lasted through the digital transformation and what do all the parts mean? more…

How to choose a password for online banking

Published June 15, 2018

Letters, numbers and (sometimes) special characters are all that keep your money from being accessed by anyone on the internet, and it's important to make sure you're following the right safety measures so that you don't fall victim to hackers. more…