Did you know that, according to the Canadian Bankers Association, there are over 5,000 bank branches in Canada? Additionally, in 2017, the number of online banking transactions made with the six largest banks was 574 million.
Many organizations require your banking information for pre-authorized payment plans. For this process to work properly, you need to provide them with your TD institution number, routing number and transit number.
That’s why we’ve put together this article. In it, we’ll review what a routing number is and where you can find it. This way, you can easily use it for all your pre-authorized payments.
The second number that is in the routing number is 3 digits long. It’s called the institution number. This is the number that represents your bank. If you have a bank account with any TD branch, then this number, also known as the TD institution number, is 004.
Here’s an example of what both the TD transit number and TD institution look like together.
Let’s say you have a bank account with TD Bank at 700 W Georgia St Pacific Centre, Vancouver, BC. The TD transit number for this branch is 94000. Then, because the TD institution number is the same for all banks, it’s 004.
As a result, your entire routing number is 94000-004.
The first number is the number that represents the branch of the bank. This is called your TD transit number. This number is 5 digits long, and the bank branch it represents is the one where your bank account is located.
Remember that this might not be the branch that you’re currently using. It’s where your bank account is based.
Basically, when you have a bank account in Canada, you have an 8-digit banking code that’s related to your bank (in this case, TD Bank) and your branch (for example, your local TD branch).
For this reason, when you’re looking at a routing number, there are actually two combined numbers there.
When you have an account with TD Bank, these numbers are referred to as the TD transit number and the TD institution number.
If you’ve ever used a cheque associated with your TD bank account to make a payment, then you actually know how to find your TD routing number. Chances are, you’ve glanced at it without realizing what it was.
This is because TD numbers are on the bottom of your cheques.
The numbers on TD cheques represent several different things. One of these is the cheque transit number and the other is the institution number.
Your account number on the cheque might also be another number that appears here.
Often, there are routing symbols that separate these numbers. This makes it easier for you to identify which number you’re looking at.
Keep in mind, however, that not all cheques are designed the same way. Sometimes, these routing symbols aren’t present.
When this happens, you’ll see all the digits running along together.
It might be confusing to understand which TD numbers you’re looking at when your cheque is set up this way. However, there’s a trick you can do in order to figure out which number is which.
All you have to do is look for this number within the numbers that appear at the bottom of your cheque.
The numbers that aren’t ‘004’ are your cheque transit numbers.
All you have to do is use your online bank account with TD.
1. Go to your EasyWeb account and log in
2. Go to the left menu and select “Accounts”
3. Choose the account that you plan to use for your pre-authorized payment agreement
4. Click the link on the right side of the page for “Direct deposit form (PDF)”
5. Look at the PDF, which includes your TD transit number and TD institution number
If you aren’t able to use your cheque book or EasyWeb account to find your TD routing number, there is another way to do this. You can find a full list of TD branches and all of their associated routing, institution and transit numbers here.
When you provide your routing number to institutions so that you can set up pre-authorized payment plan, there’s a specific format you need to use. This format is //CC0AAABBBB. Confused yet? Not to worry, we’ll explain how this works.
The //CC0 is a standard number that stands for the Canadian clearing code. The AAA is the TD institution number, which as you now know is 004.
The next number is the TD transit number. Once you’ve identified what your branch number is, you can put it where the BBBB goes.
Once you’ve sent this all through to the institution along with your account number, they should be able to easily take money automatically from your account.
However, it’s important to remember that your TD routing number comes in two different forms. One of these is the Electronic Transactions Routing Numbers Format (ETF).
The other is the Paper Transactions Transit Numbers Format (MICR).
The ETF is structured like this: 0AAABBBB. As for the MICR, it’s structured like this: BBBB-AAA.
To find a full list of all the numbers, check out this Canada Routing Number website.
As Canada's leading financial comparison platform, the folks at Insurdinary are here to help. Whether you are looking for the best bank accounts in Canada, to compare mortgage rates, insurance products and more - we have it all at your fingertips. Visit our financial blog today, or reach out to us to speak with one of our highly experienced agents. We look forward to working with you.