A bank is responsible for anything that happens to your account whether its depositing, withdrawal of cash or even if a check comes through. This is referred to 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. A debit card is another form of transaction. You can read more on this article as we will look on types of bank transactions and how they operate, discover more here.
First there is 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. 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.
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. In order for batch transaction to go through you have to do three things. 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 final step is to add the fees which displays afterwards depending on kind of fees. You should click here for more about these transactions
There is also 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. A full transaction of paper based payment may takes days to be complete. 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 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. 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.