Categories of Bank Transactions
When you withdraw or deposit money or process a check, a bank keeps a track of everything. When this happens to your account it’s considered as bank transactions. Studies say that about 5000 credit transactions happen in every second. Credit card is just one of the many bank transactions that happen every day. A debit card is another form of transaction. In this page we will discuss more about bank transactions and they work.
First there is unified payment interface. Through this you can make transactions by virtual payment address. In order to send money you only need the mobile number and details of the account are not necessary, click. Even though there is a limit of money you can transact at a day you’re able to do transactions at any time. Wire transfer also offers the fastest mode when sending cash. In wire transfer most of the transaction is done electronically. Most business owners work with this type of transaction.
Another type of transaction is the batch transaction, see website. This kind of transaction allows making a bunch of transactions at once without having to work on individual account. In order for batch transaction to go through you have to do three things. First is posting credit on your account. This is followed by putting your debits on the account, online payments done and any withdrawals. And the last step is to post the fees on the account which shows up the same day you do transactions or few days later depending on the type of fees.
There is also paper based payments. This type of transaction mostly deals with check, payment order, bankers check, refund order or demand drafts, click for more. One advantage of this type of transaction is that you can track the transactions on your account although its efficiency is not high. It can also take much time to finish processing paper based payment thus can’t take care of urgent needs. Some people prefer this type because it gives them faith that the transaction is real and not a scam.
There is also intra bank transfer as type of traction. This type of transaction involves sending of money from one account to another in the same bank. One advantage of this type is that there are no fees of transactions and the bank just do addition and subtraction on your accounts. We can also include online bank transfer as type of transaction. This type allows you to do transaction at your home without having to go to the bank. You can access your account and makes payment on the palm of your hand, click here for more.