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.
Montreal Trust Company Of Canada has been alloted Institution Number / Bank Code as : 550
Montreal Trust Company Of Canada 1586 Marine Drive,West Vancouver Branch has been alloted Branch Code as : 10670
So the Routing Number of Montreal Trust Company Of Canada 1586 Marine Drive,West Vancouver is 055010670
Routing Number : 055010670
Leading zero: 0
Institution Number / Bank Code: 550
Branch Code: 10670
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 Montreal Trust Company Of Canada 1586 Marine Drive,West Vancouver is 60590-002
Where to find Montreal Trust Company Of Canada Transit Number on a cheque?