Types of Bank Transactions
When you withdraw or deposit money or process a check, a bank keeps a track of everything. 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. There is also debit card that allows paying bills and making transactions. 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. By having the mobile number you want to send the money to is enough. 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. Another type of bank transaction that makes sending of money a little easier is the wire transfer. In wire transfer most of the transaction is done electronically. Wire transfer is usually used by business people to shift money from one account to another, click for more.
There is also batch transacting that falls under type of transactions. This kind of transaction allows making a bunch of transactions at once without having to work on individual account. This type offers three steps of batch transactions. First is posting credit on your account. After this you make sure that the debits are posted on your account which comprises of any check written, online payments if any, card transactions or any withdrawal of cash made. 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 transaction often handles the check, payment orders and sometimes demands drift. 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. 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.
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. Good thing about this its transaction frees. Another type of bank transaction is online transaction. This type allows you to do transaction at your home without having to go to the bank. It allows you to log into your account and you may pay bills and monitor your account at your phone or computer.