Keybank Routing Numbers Can Make Your Banking Easier: Here's How

 

Source:pymnts.com

  

Banks play an indispensable role as middlemen in an economy. A banker is the representative of and answerable to the money which customers deposit and withdraw. Banks do more than just store money away, they also contribute to the economy by offering loans, credit and interest. KeyBank, one of the largest and most trusted banks in the United States offers the same on a regional scale. Its customers range from private customers to retail, small and corporate businesses and investment clients.

 

Keybank is headquartered in Cleveland, Ohio, and has offices in 26 states, maintains 1197 branches and 1572 ATMs in the US. Thus, it offers amenities to make transactions between Keybanks in different states, through a unique identification code called a Keybank routing number. Routing numbers are codes of 8 to 11 digits used to help financial institutions locate any bank account registered under Keybank in any state of the US. They are used to initiate autopay, process cheques, make online payments and transfer money.

These routing numbers were developed by the American Bankers Association in 1910. It serves to identify the specific financial institution responsible for payment through a negotiable instrument.

These codes can be used to perform ACH and wire transfer payments.

 

Automatic Clearing House: 

ACH stands for Automatic Clearing House, a financial setup for e-payments and money transfers. They transfer money from one bank account to another without using tangible cheques, credit cards, wire transfers or cash. Because this process is completely online, they are more reliable and faster than paper cheques, and speed up the process of maintaining the books of a company efficiently and accurately. 

ACH routing numbers are unique to each bank in the US. The ACH routing number and the bank account number are used by banks to identify the account that payments should be taken from and sent to.

 

Wire Transfers: 

Wire Transfers are electronic ways to transfer money in a fast and secure manner. The difference between these and ACH is that wire transfers can be done internationally. The term ‘wire transfer’ was coined by taking inspiration from the telegraphic wires used in the past to send money. The Keybank routing number offered to a bank account can be used for wire transfers as well. 

 

Society for Worldwide Interbank Financial Telecommunication Network (SWIFT):

The internet protocol used for wire transfers is called the Society for Worldwide Interbank Financial Telecommunication Network or SWIFT for short. It is a messaging protocol that helps communicate details of the accounts, their holders, the amount transferred between banks and the instructions for wire transfer. It has over 11,000 banks in its 200+ country roster.
SWIFT codes are a unique combination of letters and numbers that identify banks and financial institutions around the globe. The SWIFT codes are divided into four parts: the bank’s name, its country code, its headquarters and the branch that is sponsoring the wire transfer. 

A bank can be assigned more than one routing number depending on its size and the number of states it services. Keybank agents can assist in confirming routing numbers if the customer is not sure. The nine digit routing number is the first group of code from the bottom left of a cheque. 

 

To make your banking relationship easier and more comfortable, contact your nearest Keybank branch to get started creating your personalized bank account and a routing number to make the seamless online transactions that you deserve in this fast-paced and ever-growing modern world.