A routing number is a nine-digit code that identifies a specific financial institution in the United States. Each bank has its own unique routing number, which is used to facilitate electronic fund transfers between banks. For instance, the routing number for First Midwest Bank is 071904333.
Routing numbers play a crucial role in the modern financial system, streamlining transactions and ensuring secure and efficient money transfers. The development of the routing system in the 1950s revolutionized the banking industry, automating check processing and enabling faster and more convenient transactions.