So from what I understand routing numbers just say what bank the direct deposit needs to go into, how does the bank actually know which account the money goes to??
When you sign up to sell things online they ask for your routing number, but how can providing that alone let the bank know (After receiving the money) which account the money belongs to? Do they use an automatic money sorter?? Nothing online is explaining this to me
Ex:
Website: If you want to sell things online, provide us banking info to direct your money
Me: I want direct deposit
Website: routing number?
Me: insert routing number
Website: okay here you go
Bank: and here you go, into your account
How does it work??
In: Economics
Latest Answers