Which payment and routing number types are available in the United States?

In the United States, the primary types of payment and routing numbers include:

• EFT (Electronic Funds Transfer): This refers to any payment made electronically from one bank account to another. EFTs are commonly used for payroll deposits, vendor payments, and automatic bill payments.

• ACH (Automated Clearing House): ACH routing numbers are nine-digit numbers unique to their respective financial institutions. They are typically used for recurring payments like salaries, mortgage payments, and utility bills. While ACH transactions are slower, they are generally less expensive compared to wire transfers.

• ABA (American Bankers Association): This nine-digit code identifies specific financial institutions in the United States and is essential for processing checks and electronic transactions, including EFT and ACH. Each bank and its branches have unique ABA routing numbers.

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