Banking FAQ

Frequently Asked Questions

 

1.     What is a Transit Number?

 

The Transit Number identifies which branch your account is located at. All accounts at V.P. Credit Union are assigned the Transit Number, 13500. You will find this at the bottom of your cheque.

 

2.     What is an Institution Number/Institution Code/Bank Code?

 

The Institution Number/Institution Code/Bank Code is the number that identifies which financial institution you bank with. All credit union accounts within B.C. including V.P. Credit Union are assigned the Institution Number, 809.

 

3.     What are the “bank account encoding” or “cheque encoding” numbers on my bank account?

 

These are the numbers at the bottom of your cheque that reference the account that your funds are debited from. If you have a Silver Shield account, Chequing account and a US dollar account, the encoding will be different for each account.

 

13500                     809                                           # # # # # # # # #

Transit #                  Institution #                   Account Number (9 digits in total)

 

4.     Why is my Account Number different on my cheque than when I log on to Online Banking?

 

Your Account Number might be 4 digits, 5 digits or 6 digits long when you log on to Online Banking. However, for the purposes of cheque encoding in Canada, the cheque clearing system requires a total of nine digits to be listed on the cheque. In view of this, we add a “prefix number” in front of your Account Number to fill out the full nine digit Account Number and to identify which sub account you have.

 

Listed below is a guide to determine the “prefix number” for the respective account type.

 

If you have a FOUR digit account number the prefix will be as follows:

 

Chequing Account: 10000

Example: If your Account Number is 1234 then your full 9 digit Chequing Account Number is 100001234

 

Silver Shield: 70000

Example: If your Account Number is 1234 then your full 9 digit Silver Shield Number is 700001234

 

US Chequing: 35000

Example: If your Account Number is 1234 then your full 9 digit US Chequing Number is 350001234

 

 

If you have a FIVE digit account number the prefix will be as follows:

 

Chequing Account: 1000

Example: If your Account Number is 12345 then your full 9 digit Chequing Account Number is 100012345

 

Silver Shield: 7000

Example: If your Account Number is 12345 then your full 9 digit Silver Shield Number is 700012345

 

US Chequing: 3500

Example: If your Account Number is 12345 then your full 9 digit US Chequing Number is 350012345

 

 

If you have a SIX digit account number the prefix will be as follows:

 

Chequing Account: 100

Example: If your Account Number is 123456 then your full 9 digit Chequing Account Number is 100123456

 

Silver Shield: 700

Example: If your Account Number is 123456 then your full 9 digit Silver Shield Number is 700123456

 

US Chequing: 350

Example: If your Account Number is 123456 then your full 9 digit US Chequing Number is 350123456

 

5.     What would the cheque encoding be if I have more than two Silver Shield, two Chequing and two US Chequing accounts?

 

If you are more than one Silver Shield, Chequing or US Chequing accounts, please contact us so we can provide you with the proper encoding information.