The routing number 124303120 belongs to Green Dot Bank.
Understanding Routing Number 124303120
This specific routing number is assigned to Green Dot Bank, with its operations located in Utah (UT). It is particularly configured to support Automated Clearing House (ACH) transfers, which are electronic payments processed through the ACH network. This includes transactions like direct deposits, bill payments, and electronic fund transfers between banks.
Here’s a quick overview of the details for this routing number:
| Detail | Value |
|---|---|
| Routing Number (ABA) | 124303120 |
| Bank Name | Green Dot Bank |
| Location | Utah (UT) |
| Supported Transfers | ACH transfers |
What is a Routing Number?
A routing number, also known as an ABA (American Bankers Association) routing transit number, is a nine-digit code that identifies financial institutions in the United States. Its primary purpose is to facilitate the routing of funds from one bank to another during financial transactions. Every bank or credit union has at least one routing number, and larger institutions may have several, often assigned based on the bank's location or the type of transaction.
Importance of Using the Correct Routing Number
Accuracy is paramount when dealing with routing numbers. Using the correct routing number ensures that your financial transactions, whether it's setting up a direct deposit, paying bills online, or initiating a wire transfer, reach the intended recipient's bank account without delays or errors.
- For Direct Deposits: Your employer will require your bank's routing number along with your account number to ensure your paycheck is deposited directly into your account.
- For Bill Payments: When setting up automatic bill payments, the routing number directs the payment to the correct financial institution.
- For ACH Transfers: As indicated for Green Dot Bank's 124303120, this routing number is specifically used for electronic transfers like direct deposits, online bill pay, and person-to-person payments via the ACH network.
Always verify the routing number with your bank or the institution you are sending funds to, especially before making large transactions, to avoid potential issues.
