An account number refers to the numbers, letters or alphanumeric code, in some cases, assigned to every significant client, customer, supplier or lender or to any identified holder for ease reference in an organization’s accounting records. Mostly, the organization might be a bank. In this case, the code identifies the holder of a bank account. For instance, credit cards normally have a 16 digit account number as specified by both MasterCard and Visa card organizations. These reference numbers can also be called account code.
Account numbers facilitate easy, faster and more accurate accounting and record keeping by banks, institutions and businesses of all kind to their depositors, users, members, subscribers, customers, vendors, and to other entities as the case may be.
Whenever an account number is mentioned, our minds tend to go to the banking system. Yes, they represent an example of an institution where account numbers are effectively put to use. The constituents of an account number may vary depending on the country, the purpose of the account, and the type of bank. The account numbers that are basically assigned to clients and account holders in a bank are numeric’s, the length of which may be 16, more or less. On the other hand, banks have other accounting codes with which they can be find in the international banking system or for national wire transfers.
Account numbers start with the branch code of a bank. The branch code is the code of the branch where the account is primarily opened. It can be anything from two to four digit numbers. This code is then followed by the personal identification number of the client.
In the international banking system, there are the SWIFT Code, SORT Code, ABA Routing number, etc. No individual can own these codes as they are allotted to banks and therefore serve as personal identification numbers to banks.
Account numbers facilitate easy, faster and more accurate accounting and record keeping by banks, institutions and businesses of all kind to their depositors, users, members, subscribers, customers, vendors, and to other entities as the case may be.
Whenever an account number is mentioned, our minds tend to go to the banking system. Yes, they represent an example of an institution where account numbers are effectively put to use. The constituents of an account number may vary depending on the country, the purpose of the account, and the type of bank. The account numbers that are basically assigned to clients and account holders in a bank are numeric’s, the length of which may be 16, more or less. On the other hand, banks have other accounting codes with which they can be find in the international banking system or for national wire transfers.
Account numbers start with the branch code of a bank. The branch code is the code of the branch where the account is primarily opened. It can be anything from two to four digit numbers. This code is then followed by the personal identification number of the client.
In the international banking system, there are the SWIFT Code, SORT Code, ABA Routing number, etc. No individual can own these codes as they are allotted to banks and therefore serve as personal identification numbers to banks.
