Where To Start with and More

Classification 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. 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. Another type of transaction is the debit card. In here are few types of bank transactions and how they operate, learn more.

One of them is unified payment interface abbreviated as UFI,view here. 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. 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. 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. With this type of transaction you can send money to many people at one go without doing individual transaction. For a complete batch transaction to happen three steps must be followed. The first step thing is posting credit on the account that will make transaction first. 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 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.

Paper based payment is also a type of bank transaction. This transaction often handles the check, payment orders and sometimes demands drift. 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. It can also take much time to finish processing paper based payment thus can’t take care of urgent needs. 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. One advantage of this type is that there are no fees of transactions and the bank just do addition and subtraction on your accounts. We also have online transacting as one type of bank transaction. With this transaction you don’t have to visit the bank. You can make payments just with your computer or mobile phone.