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ZZZZ is the first 4 digits of your routing number (you can skip the leading zeroes). YYYY is the next 4 digits of your routing number (the last, 9th digit, is control digit). XX is the city/state where the bank is located (I believe its based on the original HQ, I know that for WF in California its 11, which is San Francisco).
That means that the same account number could be in use by basically every bank simultaneously - which makes it impossible to find out the bank from the account number. A similar situation would be to find a street name from the house number - obviously, there are many streets that have a given number.
Your account number is not private. It is printed on every check you write. It is true that it's not private, but it's also not completely public as you generally know who you give checks to and you aren't giving it to just anybody. That said, you're taking a small risk each time you give out a check.
The name of the bank is redundant, because the credit card company can lookup the name of the bank with the routing number. Though having both eliminates a typo issue. My checks still have the old name of n=my credit union, because the routing number didn't change. It took several months for the name change to ripple though the financial system.
A lot of it has to do with bank mergers, acquisitions, etc. over the years. In order to reduce the confusion generated with routing numbers changing, they are kept around. This happened to me when US Bank took over the bank I used after it failed. This was in the 2008-2009 timeframe and the routing number from the original bank is still used.
I already use Fidelity for my 401k and individual brokerage account so I'm pretty attracted to this idea of using Fidelity and dropping any standard "bank" account. I need routing/bank account numbers for a few bill payments and electronic payment deposits so I checked and they seem to support numbers which map to your brokerage account (https ...
It seems to me that your answer is saying that you have to either be a reputable biller with ACH access or you have to print illegal checks. In the first case nothing is wrong; in the second case the bank who cashed the check is responsible for the fake check. So isn't the consumer pretty safe giving his account number away here? –
Now, every other time I've sent a wire involving an intermediary bank, the wire instructions include the account number of the beneficiary bank at the intermediary bank. You are completely correct, that's the norm / ideal situation. The "end" bank, Citi-Taiwan has an account number at Citi-NY, let's say "666888666".
If you want to pay a bill for him, then you need the company the bill belongs to and your friend's account number on the bill. You will never need your friend's bank account nor routing number. To clarify, it is about paying a small business rather than a friend. Also, my bank does not give the option to distinguish between "pay a business" and ...
The account name/address info was mine, the bank's logo was correct, and the routing and account numbers were obviously mine. But the fonts and overall check design were not. It also had a logo (just above the 'date' line) of "National Park Foundation" and a line just below the spelled-out amount line - "Glacier National Park".