A Brief History of

Classification of Bank Transactions

When you withdraw or deposit money or process a check, a bank keeps a track of everything. When this happens to your account it’s considered as bank transactions. Research shows that about 5000 credit transactions happen in every second. There are so many bank transactions that happen each day and credit card is just one of them. A debit card is another form of transaction. In this page we will discuss more about bank transactions and they work.

One of them is unified payment interface abbreviated as UFI,view here. This type of transactions allows you to make payment using virtual address. By having the mobile number you want to send the money to is enough. 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 also offers the fastest mode when sending cash. 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.

Batch transaction is another type of bank transaction. This kind of transactions helps you to do many transactions avoiding working on each account. This type offers three steps of batch transactions. 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. You finish by adding the fess which reflects the same day or days after.

There is also paper based payments. This type of transaction mostly deals with check, payment order, bankers check, refund order or demand drafts, click for more. One advantage of this type of transaction is that you can track the transactions on your account although its efficiency is not high. 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.

Intra bank transfer is also one of the types of bank transactions. It allows sending money from one account to another under the same bank. Good thing about this its transaction frees. We can also include online bank transfer as type of transaction. With this transaction you don’t have to visit the bank. You can access your account and makes payment on the palm of your hand, click here for more.