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 you do this it’s referred to as bank transactions. Studies say that about 5000 credit transactions happen 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.
One type of bank transaction is the unified payment interface. This type of transactions allows you to make payment using virtual address. In order to send money you only need the mobile number and details of the account are not necessary, click. Even though there is a limit of money you can transact at a day you’re able to do transactions at any time. 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.
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. In order for batch transaction to go through you have to do three things. 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 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 transaction often handles the check, payment orders and sometimes demands drift. One advantage of this type of transaction is that you can track the transactions on your account although its efficiency is not high. 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. 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 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.