Suntrust Routing Number guide
Suntrust routing number, has anybody heard of this term? If anyone had always wished to have a bank account in the United States, then you might have heard of this term.
The SunTrust routing number is a nine-digit number that is used to identify the bank transfers an account holder does. This number compulsorily varies from one bank branch to another, for instance, say if an individual has a bank account in the bank of America in the Los Angeles branch and another account of bank of America in Newyork branch.
Then both the SunTrust Routing number will be heterogeneous. Not only this differentiation is among bank branches, but the suntrust routing number may also vary on savings accounts, IRAs, prepaid cards, lines of credit, etc.
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The prime reason for such variation is because the suntrust routing number is based on the variation of origination or region.
In this era, the banking system in the United States has become a lot more competitive, it’s a blue ocean competition, each and every bank wishes to retain their present customers and retain them for the long run and on the other hand, they also want to attract more potential customers.
They do so by enlarging and advancing their banking services and the suntrust routing number is one such outcome of such advancement and enlargement.
Peep into the benefits of a routing number
Quick and Swift bank transfer
The suntrust routing system facilitates quick and easy bank transfers which are a fascinating factor for every strong banking system.
Multiple sources of bank transfer
The suntrust routing number acts as a base for any bank transfer in the United States whether done online, offline (paper) or wires.
Detection of the source of transaction
The RTN becomes a mandatory clause when the transaction is done through the bank. The ABA routing number or simply routing number can be found at the bottom of the check leftwards and thereby helps to find out the financial institution from where the transaction has taken place.
Processing of Fed wire funds
One more benefit of routing number is that it helps to procure and process the “Fed wire funds” used by Federal Reserve banks in the United States.
Transfer of other deposits
Apart from online or offline bank transfers, there are other benefits of routing number such as automated clearing house direct deposits, bill payments, ATM’s of respective banks and other automated deposits.
The routing number of banks/financial institutions or Non-banking financial institutions having an area of operations in the United States can be found in their respective websites or contact their customer care cell.
The above-mentioned benefits of having a differentiated routing number in a country such as the United States of America definitely help it in economic growth and that’s why it’s the powerful nation in the world and a strong economy.
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The sunset routing system not only embarks a different trademark in each and every transaction but also greatly helps in fraud detection both in online and offline media.
The US banks and financial institutions are in profit not only in the US but in the context of India as well. The US banks such as Bank of America, CITI Bank which has an area of operations in India are considered to so technologically advanced and enriched satisfying most of the Indian businesses and people with their highly satisfying services.
These institutions have focused so much on online banking and easy banking that there is no need of the customers to visit bank which saves so much time of the customers and hence the customer feels delighted and stay with the bank for a long time.
Why not us?
Long queues, manual work, and limited staff this is what the Indian banking system is all about. Even if anyone wishes to update his/her passbook then he/she has to stand in the queue because the updating machine must have crashed.
The rude and arrogant staff always guides you from one counter to another literally spoiling your whole day with literally no work done. The skyrocketing lending rates/loan rates and the very minute fixed deposit rates always motivates us to spend rather invest at least it will save some tax.
And the worst part is when the bank does not provide OTP on time because it’s not technically equipped and the rising NPA’s. Online fraud has also has made us discourage online banking.
We are also in the pathway of becoming a developed nation let’s take the first step to energize our banking industry. The routing system can also be instilled in India as it’s a gateway to safe and channelized bank transfers and transactions.
It’s not only quick but easy and one can identify the source and name of the financial institution/ bank so involved.
Let the Reserve Bank of India take a step forward for making India a hassle-free banking nation.