A bank always keeps a record of it customer bank account, whether it’s by depositing or withdrawing money or writing checks. When this happens to your account it’s considered as bank transactions. Research shows that about 5000 credit transactions happen in every second. And credit card transactions are one of the many transactions that happen every day. A debit card is another form of transaction. In here are few types of bank transactions and how they operate, learn more.
First there is unified payment interface. You do payments using this transaction by using virtual address. This type of transaction only requires you to have the mobile number and not the details of the account. One advantage of this kind of transaction is that you can send money at any time you want provided you don’t hit the maximum number of transaction. Wire transfer also offers the fastest mode when sending cash. 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. The first step thing is posting credit on the account that will make transaction first. 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 kind of bank transaction focuses on the bankers check, payment orders, refund orders and demand drafts. When it comes to safety of transactions this is the best type as you track the flow of your money despite the efficiency being low, click here. A full transaction of paper based payment may takes days to be complete. This type of transaction is mostly considered as it’s a sign of transaction not failing. This kind of transactions gives someone faith that a given transacting will go through, read more here.
There is also intra bank transfer as type of traction. This type of transaction allows you to send money within your bank especially if you share the same bank with the person. The bank does not charge any fees for this type of transaction, view here for more. We can also include online bank transfer as type of 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.
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