ABA Tool Looks Useful for Finding Routing Numbers for Consumers, but Will It be Helpful for Bankers?

The new American Bankers Association tool for finding routing numbers could be very helpful for consumers looking for routing numbers (also referred to as routing and transit/R&T). “Routing numbers are only issued to federal and state chartered financial institutions that are eligible to maintain an account at a Federal Reserve Bank. Accuity is responsible for the assignment of routing numbers and has served as ABA’s official registrar since 1911.”

Banks and financial institutions may want to link to the site to offer it as an additional way for consumers to leverage bank website information.

Unfortunately the tool is a bit difficult to navigate.  I’m not sure opening the site with a large disclaimer just to search for an R&T number is the best way to encourage consumer usage.  Additionally, the fields required might not give you all the information you want.  For example, if the consumer wants all the R&T’s listed for a particular bank/financial institution, but does not know the city of home office, results will be limited.

Check out the tool yourself and let us know what you think!

Source: http://www.aba.com/Press/Pages/031915RoutingNumbers.aspx