Categories of Bank Transactions
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. There are so many bank transactions that happen each day and credit card is just one of them. 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.
One type of bank transaction is the 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. 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. With this type of transaction you can send money to many people at one go without doing individual transaction. This type offers three steps of batch transactions. You start by putting credit on your account. Secondly you add the debits that include payments and withdrawals. You finish by adding the fess which reflects the same day or days after.
Another type of transacting is the paper based payments. 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. When it comes to processing transactions, paper based payments takes longer. 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.
Another type of bank transaction is the intra bank transfer, more info. This type of transaction involves sending of money from one account to another in the same bank. The bank does not charge any fees for this type of transaction, view here for more. We also have online transacting as one type of bank transaction. With this transaction you don’t have to visit the bank. It allows you to log into your account and you may pay bills and monitor your account at your phone or computer.