Your Navy Federal Credit Union may have a routing system that has been assigned by your employer, but it could also be a separate one that you've set up yourself. You may have heard that you can't use your current Navy Federal credit union for any business purpose unless you're still on active duty. That's a big mistake, one that could cost you a lot of money. Most businesses use the ITU (Internet Telephone Toll Services) system to connect to their credit unions, and they also use their own internal routing system.

 

There are a couple of reasons why this happens. The first one is because a lot of financial institutions aren't members of the ITU, and therefore can set up their own private networks instead of using the ITU's public network. They have their own internal systems for processing transfers from your bank, for accessing the Navy Federal Direct Loan and Perkins loans that they provide, and for handling other internal functions. So, when you give them your navy Federal credit union routing number and pass it along, it's not necessarily passing along a single number, but a series of numbers. In some cases, the financial institutions will have more than one number that they use for different purposes.

 

The second reason why most financial institutions use their own internal networks instead of the ITU's network is that the Navy Federal Direct Loan and Perkins loans are processed by the ITU, and the ITU's numbers are the ones that are on your account number. When you apply for either one of these loans, you put your ITU account number, and not your navy federal routing number, and you don't get approved. This may sound unfair to you, and it isn't, but this is how things work.

Domestic Wire Transfers - Know Your Navy Federal Routing Number

 

It's not your fault, though. Your routing numbers are passed along internally within the financial institutions. It's just like any private number, it's just that the banks and other institutions that handle your accounts don't want to deal with nine-digit numbers. You can understand why they would want to keep it simple, and assign just nine digits to each loan that they process. They also want to keep their reputation in good standing, which is why they'll usually just give you the nine-digit number for the direct loan or Perkins loan, and not the navy federal routing numbers.

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Your routing numbers also come into play when you're doing international wire transfers. Banks don't want to do the international wire transfers if they can't associate the nine digit numbers that you provide to their systems. The problem with this is that the ITU tries its best to assign the appropriate numbers to international wire transfers, and while it's gotten through a few decades now, it's still very difficult. It's also expensive, so most banks avoid doing international wire transfers on anything but a direct bank line.

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If your account number and routing codes aren't assigned correctly, there are some problems that might happen. The problem with no routing information at all is that you won't know what the payee's name is, because they might not have added you as a paying customer. In fact, many people don't add anyone to their accounts, because they're afraid of being charged twice for the same transaction. So even though you might not be charging twice, a bank might add you as a payee twice, and then charge you for the domestic wire transfers. This happens more than you might think.

 

Another problem involves getting an incorrect routing number for your account. The routing numbers for these accounts go first to a bank that owns the checking account. So when you add anyone else to that checking account, the check will go to the second person, or the company the check is cashed at. It doesn't make sense that if you've put someone on your first set of account numbers that the check should go to them, when it should go to the person who gave you the money in the first place.

 

If you're getting frequent domestic wire transfers that are bouncing, it could be a sign that your bank is holding information that could belong to someone else. You might not always know that your bank holds this information. Sometimes you'll get an error message about an incorrect routing numbers when you try to transfer money from one domestic account to another. Another sign that your bank is holding information that could be belonging to somebody else is that you sometimes get a "case pending" error message. If this happens to you, call your bank immediately and tell them that you think one of your routing numbers might be wrong, and explain the situation.

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