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Finance: Are monopolies evil? Should they be regulated? Should they be illegal?
28 Views

Are monopolies evil? Should they be regulated? Should they be illegal? Monopolies in and of themselves, are neither good nor evil. How they conduct...

Finance: What is a Country Basket (Index Fund)?
30 Views

What is a Country Basket (Index Fund)? Investing internationally can be a challenge, as foreign exchange, different accounting rules, time zones an...

Finance: What is the Gold Standard?
4 Views

What is the gold standard, besides the standard at which this video is judged? Hit play to find out.

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Finance: What is a Routing Number? 20 Views


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Description:

You've seen routing numbers on checks before, but what do they actually do? Hit play to find out.

Language:
English Language

Transcript

00:00

finance a la shmoop what is a routing number of a routing number is so that

00:09

wired monies can you know like find their way home yeah think of them like [maze game]

00:14

the smell of worm to Canadian geese when you write a check or wire money or do [worms and Canadian geese]

00:20

almost anything financial these days the dough is given a kind of custom [card getting swiped]

00:24

electronic signature and basically a number a big fat one like this one yeah

00:29

and the numbers mean specific things like on a paper check the routing of the

00:34

dough you're paying to Lana sim for um you know services rendered comes in two [breakdown of a check]

00:41

pieces there's a nine digit routing number aka our TN aka routing transit

00:48

number which is here and that number is then mapped to your specific account

00:53

number which is here why did you need this number why do you need it at all

00:58

well when you suddenly see an item on your bank statement for a payment of [bank statement document]

01:02

$350 to Yamaka supply limited and you're about as Jewish as the Pope well you may [Pope Francis in the Vatican]

01:09

want your bank to be able to track that sucker down because it was fraud on your

01:13

account I'd like to be able to prove that you were not in fact the one who

01:16

authorized that payment so your bank can refund you you know your hard-earned

01:21

cash all right there we go much better yeah I am

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