2016-12-30 00:00:00 Finance and Accounting English Learn what a financial institution number is, why each bank or financial institution has one, and how this number is used. https://d1bkf7psx818ah.cloudfront.net/wp-content/uploads/2017/03/08214452/woman-talks-to-financial-institution-representative.jpg What is a Financial Institution Number?

What is a Financial Institution Number?

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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.

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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.

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