Bank Code Verified

122203471, Routing Number for COMMUNITY BANK, PASADENA, CA

Routing Number: 122203471

Date of Revision: 122414

Bank: COMMUNITY BANK

Address: 460 SIERRA MADRE VILLA AVE

City: PASADENA

State: CA

Zip: 91107-2967

Phone: (626) 974-1244

Understanding Routing Numbers and Their Significance in Banking TransactionsIn a world where technology has transformed the way we handle finances, routing numbers remain a crucial aspect of banking transactions. These unique nine-digit codes play a significant role in ensuring the smooth flow of money between financial institutions.

Whether you are making a payment, receiving funds, or setting up direct deposit, understanding routing numbers is essential. In this article, we will explore the meaning and significance of routing numbers, their structure, and how they facilitate various banking transactions.

What is a Routing Number? A routing number, also known as an ABA routing number or a routing transit number (RTN), is a unique identifier assigned to financial institutions by the American Bankers Association (ABA).

It serves as an address for banks and credit unions, allowing them to route funds accurately during transactions. Think of it as a postal code that ensures your money reaches the right destination.

The structure of a Routing Number

Routing numbers comprise nine digits, divided into three parts. The first four digits identify the Federal Reserve Bank’s location or the ABA’s regional processing center.

The next four digits represent the specific financial institution or bank. The last digit is known as the check digit and is derived mathematically to prevent errors during data entry.

Where to Find a Routing Number? You can find your bank’s routing number in multiple places.

Firstly, it is printed on the bottom left corner of your checks. Look for a nine-digit number preceded by the routing or transit symbol ().

Additionally, you can find routing numbers on your bank’s website, online banking portal, or by contacting your bank’s customer service representative.

The Significance of Routing Numbers

Routing numbers have several significant functions in banking transactions:

1. Facilitating Direct Deposits

Routing numbers are used to identify the correct financial institution when setting up direct deposit for your salary, government benefits, or tax refunds.

By providing your employer or the relevant agency with your routing number, you allow them to electronically transfer funds directly to your account. 2.

Making Electronic Payments

When you make online payments or initiate electronic fund transfers, you need to provide the routing number of the recipient’s bank. This ensures that the funds are sent to the correct financial institution and subsequently to the recipient’s account.

Without the correct routing number, your payment might be delayed or even sent to the wrong recipient. 3.

Receiving Wire Transfers

Routing numbers are vital for receiving wire transfers from other banks, both domestically and internationally. When someone initiates a wire transfer to your account, they will need to provide your bank’s routing number, along with your account number, to ensure the funds reach the right account.

4. Setting up Automatic Bill Payments

Many individuals use automatic bill payment systems to conveniently settle their monthly bills.

To authorize such payments, you will need to provide your bank’s routing number to the service provider. This allows them to withdraw funds from your account in a secure and timely manner.

A Brief History of COMMUNITY BANKFounded in 1963, COMMUNITY BANK has been serving customers for over five decades. This regional bank based in Pasadena, California, has become a trusted name in the community and offers a wide range of banking services to both individuals and businesses.

Let’s delve into the history of this esteemed institution and its contributions to the local economy.

Early Beginnings

COMMUNITY BANK was established in 1963 by a group of local businessmen who aimed to provide personalized community banking services to the residents of Pasadena. The founders recognized the need for a financial institution that understood the unique needs and aspirations of the community it served.

Growth and Expansion

Over the years, COMMUNITY BANK experienced steady growth and success, expanding its presence beyond Pasadena. Today, it operates multiple branches in Southern California and serves a diverse customer base.

The bank’s commitment to customer service and community engagement has been instrumental in its continued growth and success.

Commitment to the Community

COMMUNITY BANK prides itself on its strong ties to the communities it serves. The bank actively supports various local organizations and initiatives, ranging from education and healthcare to arts and culture.

Through financial contributions, volunteering efforts, and sponsorship programs, COMMUNITY BANK demonstrates its dedication to making a positive impact in the communities it calls home.

Customer-Centric Approach

One of the key reasons for COMMUNITY BANK’s enduring success is its customer-centric approach. The bank understands that each customer has unique financial goals and requirements.

As a result, it offers a wide range of banking products and services tailored to suit individual and business needs. Whether it’s personal banking, business banking, mortgage loans, or wealth management, COMMUNITY BANK strives to provide exceptional service and customized solutions.

Adapting to Technological Advancements

While rooted in tradition and community values, COMMUNITY BANK also embraces technological advancements to better serve its customers. The bank offers online and mobile banking platforms, allowing customers to conveniently access their accounts, make transactions, and manage their finances on the go.

With COMMUNITY BANK, customers can enjoy the benefits of modern banking while still receiving the personalized attention they deserve.

Conclusion

Understanding routing numbers and their significance in banking transactions is crucial in today’s financial landscape. Routing numbers ensure the accurate and secure transfer of funds, enabling individuals and businesses to engage in various financial activities seamlessly.

Moreover, exploring the history and values of banks like COMMUNITY BANK helps us appreciate their commitment to customer service and community development. As we continue to navigate the ever-evolving world of finance, it is essential to stay informed about the systems and institutions that shape our financial interactions.

Topic 3: Key Functions of Routing Numbers

Routing numbers serve several key functions in the world of banking and financial transactions. These functions ensure the efficient and secure transfer of funds between institutions and facilitate various banking activities.

Let’s take a closer look at some of the key functions of routing numbers:

1. Identification of Financial Institutions

One of the primary functions of routing numbers is to identify financial institutions accurately.

Each routing number is unique to a specific bank or credit union, effectively distinguishing it from other institutions. When initiating a banking transaction, such as making a payment or setting up direct deposit, the routing number helps ensure the funds are directed to the correct institution.

2. Routing of Transactions

Routing numbers play a critical role in routing transactions between financial institutions.

When you make a payment using your bank account, the routing number ensures that the funds are routed to the correct recipient’s bank, regardless of where they are located. This helps streamline the process, ensuring prompt and accurate delivery of funds.

3. Facilitating Direct Deposits

Routing numbers are instrumental in facilitating direct deposits.

When setting up direct deposit for your salary, government benefits, or tax refunds, you provide your employer or the relevant agency with your bank’s routing number. This information allows them to route the funds directly to your account, eliminating the need for physical checks or manual transfers.

4. Enabling Wire Transfers

Routing numbers are essential for initiating and receiving wire transfers.

When someone wants to send money to your bank account through a wire transfer, they need to provide your bank’s routing number along with your account number. This ensures that the funds are directed to your account at the correct financial institution.

5. Verifying Bank Accounts

Routing numbers are used to verify the legitimacy of bank accounts, particularly in electronic check processing.

When you write a check, the routing number on the check provides information about the bank from which the funds will be withdrawn. This helps ensure that the account is valid and that the check is authentic before the funds are transferred.

6. Automating Bill Payments

Many individuals use automatic bill payment systems to conveniently settle their monthly bills.

To authorize these payments, customers need to provide their bank’s routing number to the service provider. This allows the service provider to withdraw funds from the customer’s account in a secure and timely manner, ensuring the bills are paid on time.

7. Processing Electronic Fund Transfers

Routing numbers are crucial in processing electronic fund transfers, such as ACH (Automated Clearing House) transactions.

Whether it’s transferring funds between your bank accounts or sending money to another individual or business, the routing number ensures that the funds are transferred accurately and securely. Topic 4: The Role of Routing Numbers in Bank Transactions

Routing numbers play a vital role in facilitating various bank transactions.

They ensure the smooth and accurate transfer of funds between financial institutions, contributing to the efficiency and security of the banking system. Let’s delve deeper into the specific roles that routing numbers play in different types of bank transactions:

1.

Direct Deposits: Routing numbers are essential for setting up direct deposit for recurring payments. Whether it’s your salary, government benefits, or tax refunds, the routing number allows the funds to be deposited directly into your bank account.

This eliminates the need for physical checks or manual transfers, making the process more efficient and convenient for all parties involved. 2.

Checks: When you write a check, the routing number on the bottom left corner of the check helps identify the bank from which the funds will be withdrawn. This information is crucial in ensuring that the account is valid and that there are sufficient funds available to cover the check.

Routing numbers are also used in electronic check processing, helping verify the authenticity of the check before the funds are transferred. 3.

Bill Payments: Whether it’s paying utility bills, credit card bills, or other recurring expenses, routing numbers are necessary for automating bill payments. By providing your bank’s routing number to the billing service, you authorize them to withdraw funds from your account to settle the bills.

This automation saves time and reduces the risk of late or missed payments. 4.

Wire Transfers: Routing numbers are fundamental in wire transfers, both domestically and internationally. When someone initiates a wire transfer to your account, they need to provide your bank’s routing number along with your account number.

This information ensures that the funds are directed to your account at the correct financial institution and reach you promptly. 5.

Online and Mobile Banking: With the rise of online and mobile banking, routing numbers play a crucial role in enabling electronic transactions. Whether you’re transferring funds between your accounts or initiating external transfers, the routing number ensures that the funds are sent to the correct recipient’s bank.

It acts as an address, directing the funds to the appropriate financial institution. 6.

Electronic Payments: Routing numbers are essential for making online payments and initiating electronic fund transfers. Whether you’re paying for goods and services online or sending money to family and friends, providing the recipient’s routing number ensures that the funds are routed to the correct financial institution and subsequently to the recipient’s account.

7. Automatic Clearing House (ACH) Transactions: ACH transactions involve the electronic transfer of funds between financial institutions.

Routing numbers are crucial in these transactions, aiding in the routing and settlement of funds. By providing the routing number of the recipient’s bank, you ensure that the funds are transferred accurately and securely.

In conclusion, routing numbers are integral to the functioning of the modern banking system. They enable seamless and secure transfer of funds between financial institutions, ensuring the accuracy and efficiency of various banking transactions.

Whether it’s setting up direct deposit, making electronic payments, or facilitating wire transfers, understanding and utilizing routing numbers is essential for individuals and businesses alike. By providing vital information about financial institutions, routing numbers simplify the complex web of transactions, contributing to a robust and reliable banking system.

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