An institution number is a unique three-digit code assigned to a specific bank or financial institution to identify them
. In the context of Canadian banks, the institution number is part of the routing number, which is used to process electronic payments, such as wire transfers, direct deposits, and automatic bill and loan payments
. The routing number consists of a leading zero, a three-digit financial institution number, and a five-digit branch number
. For example, if a bank's routing number is 026011242, the institution number is 260, and the transit number is 11242
. You can find the institution number on your cheque at the bottom, along with a string of other numbers
. If you don't have a cheque handy, you can also find the institution number by logging into your online banking account or checking your account statement
. Keep in mind that institution numbers are specific to Canadian banks and are required for various banking transactions
