A routing number for Chase, also known as an ABA routing number, is a nine-digit code that identifies a specific financial institution and facilitates the electronic transfer of funds. For instance, Chase’s routing number for wire transfers initiated within the United States is 021000021.
Routing numbers play a crucial role in the banking system, ensuring the accurate and timely routing of funds between different financial institutions. They streamline the process of automatic payments, direct deposits, and other electronic transactions. Historically, the American Bankers Association (ABA) introduced routing numbers in the 1910s to standardize the clearing process.