Banking

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Definition

A six-digit number used in the UK and Ireland to identify banks and their branches for domestic transfers.

Usage

Examples

20-00-00 identifies Barclays Bank branches

Concepts

Related Terms

account numberIBANFaster Payments

Deeper Dive

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Account Number

A unique identifier assigned to a bank account for transactions.

ACH

Automated Clearing House - a US network for electronic bank-to-bank transfers, used for direct deposits, bill payments, and person-to-person transfers.

ACH Transfer

Automated Clearing House electronic fund transfer in the US.

Amortization

Spreading payments over multiple periods.

Available Balance

The amount of money in an account that is immediately available for withdrawal or use, excluding pending transactions and holds.

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