A “routing number” is a nine-digit code that identifies the financial institution where an account is held. The “Chase IL” part of “routing number chase il” specifies that the routing number is for a Chase bank located in Illinois. For instance, if you have a checking account with Chase in Chicago, Illinois, the routing number on your checks will likely be “071000013”.
Routing numbers are crucial for electronic fund transfers, such as direct deposits and wire transfers. They ensure that money is sent to the correct bank and account. Historically, routing numbers were only used for paper checks, but with the advent of electronic banking, they have become essential for a wide range of financial transactions.