ShmoopTube
Where Monty Python meets your 10th grade teacher.
Search Thousands of Shmoop Videos
Forex Videos 93 videos
A strong dollar is one that has earned trust on an international scale. It reflects a reliable currency...at least, more reliable than that of othe...
Are monopolies evil? Should they be regulated? Should they be illegal? Monopolies in and of themselves, are neither good nor evil. How they conduct...
What's a yankee bond, and does it stick a feather in its cap and call it macaroni?
Finance: What is a Routing Number? 20 Views
Share It!
Description:
You've seen routing numbers on checks before, but what do they actually do? Hit play to find out.
- Social Studies / Finance
- Finance / Financial Responsibility
- College and Career / Personal Finance
- Life Skills / Personal Finance
- Finance / Finance Definitions
- Life Skills / Finance Definitions
- Finance / Personal Finance
- Courses / Finance Concepts
- Subjects / Finance and Economics
- Finance and Economics / Terms and Concepts
- Terms and Concepts / Accounting
- Terms and Concepts / Banking
- Terms and Concepts / Bonds
- Terms and Concepts / Careers
- Terms and Concepts / Company Valuation
- Terms and Concepts / Credit
- Terms and Concepts / Derivatives
- Terms and Concepts / Econ
- Terms and Concepts / Education
- Terms and Concepts / Forex
- Terms and Concepts / Index Funds
- Terms and Concepts / Insurance
- Terms and Concepts / Investing
- Terms and Concepts / Marketing
- Terms and Concepts / Metrics
- Terms and Concepts / Mutual Funds
- Terms and Concepts / Regulations
- Terms and Concepts / Tax
- Terms and Concepts / Tech
- Terms and Concepts / Trading
- Terms and Concepts / Trusts and Estates
Transcript
- 00:00
finance a la shmoop what is a routing number of a routing number is so that
- 00:09
wired monies can you know like find their way home yeah think of them like [maze game]
- 00:14
the smell of worm to Canadian geese when you write a check or wire money or do [worms and Canadian geese]
- 00:20
almost anything financial these days the dough is given a kind of custom [card getting swiped]
- 00:24
electronic signature and basically a number a big fat one like this one yeah
Full Transcript
- 00:29
and the numbers mean specific things like on a paper check the routing of the
- 00:34
dough you're paying to Lana sim for um you know services rendered comes in two [breakdown of a check]
- 00:41
pieces there's a nine digit routing number aka our TN aka routing transit
- 00:48
number which is here and that number is then mapped to your specific account
- 00:53
number which is here why did you need this number why do you need it at all
- 00:58
well when you suddenly see an item on your bank statement for a payment of [bank statement document]
- 01:02
$350 to Yamaka supply limited and you're about as Jewish as the Pope well you may [Pope Francis in the Vatican]
- 01:09
want your bank to be able to track that sucker down because it was fraud on your
- 01:13
account I'd like to be able to prove that you were not in fact the one who
- 01:16
authorized that payment so your bank can refund you you know your hard-earned
- 01:21
cash all right there we go much better yeah I am
Related Videos
GED Social Studies 1.1 Civics and Government
What is bankruptcy? Deadbeats who can't pay their bills declare bankruptcy. Either they borrowed too much money, or the business fell apart. They t...
What's a dividend? At will, the board of directors can pay a dividend on common stock. Usually, that payout is some percentage less than 100 of ear...
How are risk and reward related? Take more risk, expect more reward. A lottery ticket might be worth a billion dollars, but if the odds are one in...