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What is an ACH Routing Number?

An ACH routing number is a 9-digit code that identifies financial institutions in the United States for the purpose of transmitting funds electronically. Routing numbers allow for the efficient processing of automated clearing house (ACH) transfers and other electronic financial transactions.

Purpose of Routing Numbers

Routing numbers enable financial institutions to properly route and receive ACH transactions. When you authorize an electronic payment or deposit, the routing number provides instructions for where it needs to go. Think of it like a ZIP code for money.

Routing numbers also act as a security feature, helping to protect against fraud. The unique digits help verify legitimate bank accounts.

Structure of Routing Numbers

ACH routing numbers always follow a specific format:

  • 9 digits long
  • First 4 digits identify the bank’s Federal Reserve district
  • Next 4 digits identify the bank’s office or location
  • Final digit is a checksum calculated from the previous digits to detect errors

This structured sequence allows secure electronic routing of financial transactions.

About the Bank of North Carolina

Overview of Bank

The Bank of North Carolina is a full-service community bank that provides financial services to individuals, businesses, and organizations. Headquartered in High Point, NC, they have 16 branch locations across central North Carolina.

Founded in 1991, Bank of North Carolina operates with a mission to build relationships and help their customers and communities prosper. They offer a range of banking solutions including loans, accounts, credit cards, and online/mobile services.

History of Bank

Bank of North Carolina was originally chartered in 1991 under the name Bank of Guilford. After a merger in 1998, the bank was renamed Bank of North Carolina to reflect its growth in the region.

What started as a two-branch operation has expanded to 16 locations across 8 North Carolina counties. As of 2022, Bank of North Carolina held over $1.9 billion in total assets.

While the bank has grown considerably over the decades, they remain committed to responsive community banking and personalized service.

Services Offered

As a full-service community bank, Bank of North Carolina offers a wide array of products and services:

  • Checking and savings accounts
  • Certificates of deposit
  • Consumer and business loans
  • Credit cards
  • Mortgages and home equity loans
  • Online and mobile banking
  • Treasury management for business

Their account holders have access to over 55,000 free ATMs nationwide.

Bank of North Carolina’s Routing Number

Where to Find the Routing Number

The routing number for Bank of North Carolina is 053112615.

This 9-digit code can be found at the bottom of checks issued by Bank of North Carolina. It is also available on the bank’s website and online account profiles.

Uses of the Bank’s Routing Number

The main uses of Bank of North Carolina’s routing number include:

  • Setting up direct deposit of paychecks or government benefits
  • Authorizing electronic debits from a Bank of North Carolina account
  • Wiring or transferring funds to a Bank of North Carolina account
  • Making sure deposits and payments reach the correct destination

Sending and Receiving ACH Transfers

The routing number allows you to send and receive ACH transfers from the Bank of North Carolina.

To send an ACH payment, the recipient provides their account details including the routing number. This allows the electronic transfer to be deposited directly into the correct Bank of North Carolina account.

To receive funds via ACH transfer, provide the sender with the bank’s routing number. Payments can then be deposited seamlessly into a checking or savings account with Bank of North Carolina.

Direct Deposits and Payments with Routing Numbers

Setting up Direct Deposit

One common use of routing numbers is to set up direct deposit of funds into a bank account.

For example, when starting a new job, you can provide your employer with your Bank of North Carolina account details including the routing number. This allows your paycheck funds to be automatically deposited each payroll period.

similarly, you can provide government agencies the bank’s routing number to have Social Security or other benefits electronically deposited each month.

Making Electronic Payments

Bank account routing numbers allow businesses or consumers to pay bills and invoices electronically via ACH transfer.

Instead of mailing paper checks, billers can debit payments directly from a checking account by submitting the account and routing number. This offers a convenient option to pay everything from utilities to rent.

Fraud Prevention for Routing Numbers

Protecting Your Account Information

While routing numbers themselves aren’t sensitive like account numbers, it’s still important to protect this information. Limit sharing of your full account details to reputable sources making authorized transfers.

Take caution against phishing attempts asking for personal information. Never provide account details including routing numbers to unverified sources.

Reporting Suspicious Activity

Check your account regularly for any unauthorized transactions. If you see any suspicious activity, notify your bank immediately to report it.

Also contact your bank if you notice a valid transaction with the wrong account number. While rare, mistakes can happen if the routing number doesn’t match up with the account.

Frequently Asked Questions

What is Automated Clearing House (ACH)?

ACH is an electronic funds transfer system that facilitates payments and money movement between bank accounts. It allows for direct deposits, bill payments, person-to-person transfers, and other automated electronic transactions.

How do I find the routing number for my bank?

The easiest way is to look at the bottom of a check or deposit slip from your bank account. Routing numbers can also often be found on a bank’s website or by contacting their customer service team.

Can I have more than one routing number?

Yes, it’s possible for banks to have multiple routing numbers. This might happen following a merger or acquisition. The different numbers would route to the same central account system.

What happens if I use the wrong routing number?

If you provide an incorrect routing number, the electronic transaction will likely be rejected and not processed. Double check that you have the right routing number for your intended recipient’s bank.

Who uses routing numbers?

Routing numbers are primarily used by banks and credit unions to identify accounts. But individuals, businesses, and government agencies also use routing numbers for transferring funds and making electronic payments.

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