Classification of Bank Transactions
A bank is responsible for anything that happens to your account whether its depositing, withdrawal of cash or even if a check comes through. When you do this it’s referred to as bank transactions. It has been proven that there are about 5000 credit card transactions in every second. Credit card is just one of the many bank transactions that happen every day. There is also debit card that allows paying bills and making transactions. In here are few types of bank transactions and how they operate, learn more.
First there is unified payment interface. Through this you can make transactions by virtual payment address. This type of transaction only requires you to have the mobile number and not the details of the account. Sometimes the bank sets the amount you can transact per day but the good thing is that you can access it at any time of the day. Another type of bank transaction that makes sending of money a little easier is the wire transfer. Wire transfer often handles the transaction in electronically way. Most business owners work with this type of transaction.
There is also batch transacting that falls under type of transactions. With this type of transaction you can send money to many people at one go without doing individual transaction. In order for batch transaction to go through you have to do three things. You start by putting credit on your account. Secondly you add the debits that include payments and 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.
Another type of transacting is the paper based payments. This kind of bank transaction focuses on the bankers check, payment orders, refund orders and demand drafts. One advantage of this type of transaction is that you can track the transactions on your account although its efficiency is not high. A full transaction of paper based payment may takes days to be complete. Some people prefer this type because it gives them faith that the transaction is real and not a scam.
Another type of bank transaction is the intra bank transfer, more info. This type of transaction allows you to send money within your bank especially if you share the same bank with the person. Good thing about this its transaction frees. We also have online transacting as one type of bank transaction. This transaction allows you to make transactions at home or work place. You can make payments just with your computer or mobile phone.