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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. Another type of transaction is the debit card. In this page we will discuss more about bank transactions and they work.

First there is unified payment interface. This type of transactions allows you to make payment using virtual address. This type of transaction only requires you to have the mobile number and not the details of the account. 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. Wire transfer is usually used by business people to shift money from one account to another, click for more.

There is also batch transacting that falls under type of transactions. 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. 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. You finish by adding the fess which reflects the same day or days after.

Another type of transacting is the paper based payments. This type of transaction mostly deals with check, payment order, bankers check, refund order or demand drafts, click for more. 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.

Intra bank transfer is also one of the types of bank transactions. 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. With this transaction you don’t have to visit the bank. You can make payments just with your computer or mobile phone.