A Routing Number/Transit Number is used while doing financial transactions. Routing Number identifies the beneficiary financial institution and the branch to which a payment is being initiated.
Routing/Transit Number is essential for making payments through the clearing system.
There are two types of Routing Numbers used in Canada.
1. EFT Routing Number:
EFT stands for Electronic Fund Transactions.
EFT Routing Number is a three digit financial Institution Number (Bank Code) and a five digit branch code, preceded by a leading zero.
In Canada Routing Number is formed by prefixing 0+3 Characters Bank Code+5 Characters Branch Code.
An institution number is the three-digit code assigned to each bank to uniquely identify it.
All the Financial Institutions has been allotted 3 Characters Numeric Code, which is also called as Institution Number / Bank Codes.
Each Financial Institutions Branch has been allotted 5 Characters Numeric Code, which is called Branch Code.
Canadian Western Bank has been alloted Institution Number / Bank Code as : 030
Canadian Western Bank 4822 51 Avenue,Red Deer Branch has been alloted Branch Code as : 03059
So the Routing Number of Canadian Western Bank 4822 51 Avenue,Red Deer is 003003059
Routing Number : 003003059
Leading zero: 0
Institution Number / Bank Code: 030
Branch Code: 03059
2. Transit Number (MICR)
Magnetic Ink Character Recognition
(MICR), is a character recognition technology used by the banking industry to facilitate the processing of cheques.
Transit Number can be found at the bottom of the cheque.
So the Transit Number of Canadian Western Bank 4822 51 Avenue,Red Deer is 03059-030
Where to find Canadian Western Bank Transit Number on a cheque?