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Classification 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 this happens to your account it’s considered as bank transactions. Studies say 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. 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. This type of transaction only requires you to have the mobile number and not the details of the account. 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. 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 transaction allows making a bunch of transactions at once without having to work on individual account. This type offers three steps of batch transactions. The first step thing is posting credit on the account that will make transaction first. This is followed by putting your debits on the account, online payments done and any withdrawals. You finish by adding the fess which reflects the same day or days after.

Paper based payment is also a type of bank transaction. This kind of bank transaction focuses on the bankers check, payment orders, refund orders and demand drafts. 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. 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.

There is also intra bank transfer as type of traction. 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. Another type of bank transaction is online transaction. This type allows you to do transaction at your home without having to go to the bank. You can access your account and makes payment on the palm of your hand, click here for more.