A routing number (RTN) is a nine-digit code that identifies the financial institution where an account is held. It is used to facilitate electronic funds transfers between banks and other financial institutions. MI routing numbers are specific to banks and credit unions located in the state of Michigan.
Providing the correct MI routing number is crucial for ensuring that funds are transferred accurately and efficiently. Incorrect routing numbers can lead to delays or errors in processing, which can result in financial losses or inconvenience. Historically, routing numbers were only used for domestic wire transfers within the United States. However, with the advent of international wire transfers, the use of routing numbers has expanded globally.
