Types 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. This is 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. 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. You do payments using this transaction by using virtual 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 is another easier bank transaction. Wire transfer often handles the transaction in electronically way. Wire transfer is usually used by business people to shift money from one account to another, click for more.
Batch transaction is another type of bank transaction. 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 final step is to add the fees which displays afterwards depending on kind of fees.
Paper based payment is also a type of bank transaction. This type of transaction mostly deals with check, payment order, bankers check, refund order or demand drafts, click for more. Its always be taken to be safer because you can see how the money is flowing even though the level of efficiency is less compared to electronic way of transactions. 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.
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. It allows you to log into your account and you may pay bills and monitor your account at your phone or computer.