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Types 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 you do this it’s referred to as bank transactions. Research shows that about 5000 credit transactions happen 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. 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. Wire transfer is another easier bank transaction. In wire transfer most of the transaction is done electronically. This mostly applies to business partners during buying and selling of products.
Batch transaction is another type of bank transaction. This kind of transactions helps you to do many transactions avoiding working on each account. This type offers three steps of batch transactions. The first step thing is posting credit on the account that will make transaction first. 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. 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. 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 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.