Take time to better understand how banking works. For quick tips, just ask Alex, our expert banker, to get the advice you need for your banking success. Learn how to find your account and routing numbers on your personal checks. Discover how to purchase gift cards from your local bank. Find out how to open a business account.
Question: How do I find my account and routing numbers on my personal checks? – Tiffany from Stockton, California.
Answer: There are three sets of numbers on the bottom of your personal check. They are the routing number, account number, and check number. The first set of numbers is a nine-digit routing number which is preceded and followed by a bold vertical dash and colon symbol. The next set of numbers is the checking account number. The number of digits varies depending on the financial institution. The last set of numbers is the check number, which is also located on the top right-hand corner of the check.
Question: Do banks sell gift cards and, if so, what are the fees? – Colin from Hartford, Connecticut.
Answer: Many banks offer gift cards. They are usually from companies like Visa, MasterCard, Discover, or American Express. Gift cards are non-reloadable and have great flexibility because they can generally be used anywhere that credit cards are accepted. There can be several fees associated with gift cards. These include an activation/purchase fee, a lost/stolen card (replacement) fee, and a monthly inactivity fee if the card has not been used for 12 months. The dollar amount for these fees can vary. Check the terms and conditions and fee schedule before purchasing a gift card.
Question: What do I need to open a business checking account? – Edward from Columbus, Ohio,
Answer: In order to open a business account, the first thing you need to provide the business’ Employment Identification Number (EIN) or if it is a sole proprietorship your social security number. The bank will also require the business’ formation documents. The required documents vary depending on the type of business (i.e. sole proprietorship, corporation, LLC, partnership, association and organization) and the state the business is registered. These documents can include but are not limited to the registration of the assumed business name with the secretary of state, the partnership agreement, articles of organization or incorporation, certificate of good standing and the business license. Before opening a business account check with your banker to see what documents are required.
Important: For your specific questions about banking, contact your banking expert, Alex, at: alexexpertbanker@gmail.com
Alex is starting his 15th year in the banking industry. He has worked for such notable banks as Bank of America, US Bank, and Chase. Alex has his bachelor’s degree in Business Economic from the University of California Riverside.
