What is a Financial Institution Number?

By QuickBooks Canada Team

0 min read

A financial institution number is a unique identifier assigned to each specific bank or financial institution. This number, used during interbank transactions, is sometimes a piece of the routing transit number to identify the institution, branch location, and customer account. Most FINs are three digits in length; however, the placement within the routing number varies between countries.

In Canada, the FIN is reported in the routing number after the check number and branch identification number. It is used to simplify and expedite transaction processing. In communicating this information to another bank, the appropriate banking transaction entry is easier to complete with higher accuracy.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

Related Articles

Helping New Non-Profits Establish Smart Financial Control Procedures

Good accountants can help new non-profits guard against fraud or financial wrongdoing…

Read more

Why Accountants Should Encourage Small Business Owners to Adopt Standard Financial Statements

Although small businesses may think they don’t need complex reports, there are…

Read more

Tips for Accountants to Consider When Managing Their Accounting Practice Finances

If you’re an accountant with your own practice, you also have to…

Read more