The word "transaction" came to us only in the late nineties. It was a period of development of modern banking system and the universal computer boom. Then in colloquial and literary speech this concept began to meet. And if ordinary people do not often encounter programmer problems, everyone has to deal with banks. Almost any operation - from checking the status of an account to complex intra-bank payment transfers - can qualify as transactions. This word is present in banking operations almost more often than such concepts as “money” or “credit”. However, few of the bank's customers fully understand its essence.
Meaning of the word
Transactions are certain procedures for the interaction of any objects for a certain period of time. Such procedures were generated by programmers. They have a clear procedural character. Any transaction is a combination of three indispensable components:
- request;
- fulfillment;
- report.
The process of conducting a transaction normally can be quite complicated, but the result of this procedure has only two states. That is, the transaction may be completed, or it is not such.
Banking transactions
What does the word transaction mean? What processes occur when it takes place? To be precise, transactions are any Bank operations, associated with the movement of funds. But most often this term is used when using electronic accounts. Or he directly points to operations with bank cards.
The phrase "conduct transactions" means transactions using an electronic account. This includes paying for utilities, buying goods in a store using a plastic card, crediting salaries and scholarships, and many other money transactions.
Transaction Types
In banking, there are two types of operations:
- Online transactions are the manipulation of non-cash money by connecting to a banking center in real time. The most obvious example is working with the terminal.
- Offline transactions are a banking transaction without direct contact of participants. For example, crediting salaries to employees. Money is debited from the organization’s account, and the employee only receives a notification about replenishment of the balance of his current account.
To better understand the essence of banking transactions, consider a few of their options.
Money transaction
The simplest example of such an operation is a transfer between your own accounts, receiving or crediting money, depositing cash through an ATM or terminal. Such operations are usually carried out by the bank without commission. Things are more complicated with transfers between two different persons - within one financial institution, the transfer commission can reach 3%. If we are talking about various banks within the country, the commission will be even higher. The most expensive transfer is to foreign institutions, because, in addition to the commission, the so-called transaction fee is often charged there.
Translations
Transfers from one account to another sometimes lead to annoying errors. The slightest inaccuracy in writing the name of the recipient may result in blocking the manipulation of the electronic security system. The automatic transaction will solve the problem. This happens, for example, when funds are credited to the recipient's balance by credit card number. This greatly reduces the likelihood of error. In the event of a transaction being reset, the money is simply returned to the owner’s balance.True, this happens within ten or fifteen calendar days.
If the sender does not have a bank account, you can use the money transfer service. The most famous international operators are MoneyGram, Western Union, Anelik, Contact and others. The main advantage of such operations is the high speed of the transaction. The main disadvantage is the rather high commission.
What to do in case of transaction failure?
In case of any unusual situation related to the transfer of funds, you should immediately inform the operator of the bank or terminal about this. In this case, it is highly likely that the money will be returned to the sender's balance or go to the destination.
The operator will help you if:
- During the transaction, a failure occurred (the program hung, the power went out), and the money was already gone. Calling the hotline will record your appeal. After the procedure for checking and eliminating the error, specialists will be able to finish the operation manually.
- The terminal or ATM did not issue a receipt for the transaction. The reason may be commonplace - the lack of a cash register in the device. After contacting the operator, you will be offered a duplicate receipt. Usually they send it to the indicated email address.
- Error in the specified details. The money was gone, but the recipient never saw it. The operator can help solve this problem: for example, find an error in the recipient's account number. In this case, the money does not reach the client simply because of safety rules. Such funds are not withdrawn by the bank, but are stored for 10 days in a special temporary account. If the sender contacts the financial institution on time, indicates the time of the transaction, the amount of the transfer and answers several questions, the money will be unlocked. After deduction of the transaction fee, the amount will be returned to the sender's balance.
As you can see, banking transactions are an interesting, necessary procedure in the life of each of us. Next time, making the simplest transfer or withdrawing money from the card, think about how much such manipulations greatly facilitate our lives. After all, now you probably already know what transactions are. The meaning of the word is not a secret for you.
