Understanding Bank Services: Transfers, Debits, and More
Understanding Common Bank Services
Fixed Monthly Payment: A fixed amount agreed upon between a minimum and maximum. For example, a fixed amount of €300 from a minimum of €30 and a maximum of €900. The interest cost is zero for all payment methods, while other methods bear the same monthly interest rate of between 1% and 1.85% (APR 12.68% and 24.6%). Fees are established according to the method of payment and card use in ATMs and branches of the same or a different network or system (Visa, Mastercard, etc.).
Bank Debits
Bank debits: Debit means the state of domicile of a particular person or entity by a bank, which has opened the account, to give effect to the cash receipts and payments on your behalf.
The Billing Address
Orders are in bank accounts.
Direct Debit Payments
Direct Debit Payments: These are orders, authorizations from the customer to the bank to attend to the payment of telephone, electricity, water, community fees, taxes, and social insurance. Debit services are usually free and offer reported benefits for both parties:
- For banks: the capture and retention of customers.
- For customers: comfortable, effective, and safe services.
Bank Transfers and Similar Operations
Bank transfers: The transfer operation is a transfer of funds from one account to another, from different individuals of the same or different entity. Involved in the transfer, in addition to the entities, are two people: the sender and receiver.
The Payer
The payer: Is the account holder who gives the order to their bank to transfer funds, which are charged to their account.
The Beneficiary
The beneficiary: Is the person receiving the funds credited to an account which they own.
Operations Similar to Transfers
Operations similar or varieties of transfer:
- The transfer: The transfer of money between accounts of the same owner opened on the same entity.
- Payment order: The transfer payment which the payer makes in cash and not through direct debit. The payment is made in the beneficiary’s account.
- The order of payment: Cash funds are paid to the beneficiary, whether the payer pays in cash or if loaded into their account. Also called the delivery.
Miscellaneous Services
Securities Brokering
Miscellaneous services, securities brokering: Banks act as intermediaries between customers and companies, public entities, or agents involved in the stock market, to carry out purchase and sale or subscription of securities, requested by its customers. These services should emphasize the deposit of securities. The bank gets the obligations of guardianship and custody of securities. In addition, the entity handles sales and subscription orders it receives from its customers.
Safes Rent
Safes rent: Armored compartments are different sizes, with individual locks and an identification number located within a vault of the entity bank for use by the client requesting the service by paying the commission. The customer benefits offered are safety and secrecy in the conservation of documents, objects, jewelry, cash values, etc.
Permanent Income Mailbox
Permanent income mailbox: Banks provide a service not subject to office hours or places of their location. Services are ATMs and permanent mailbox income. Permanent income mailboxes gift safes installed in the walls of their offices, where customers and service users can deposit their daily collections activity at any hora. The customer must enter into the container, along with the amount raised (cash or checks), a payment sheet with your signature, specifying the total amount.
Traveler’s Checks
Traveler’s checks: These are a kind of checks issued by banks in foreign currency or in convertible currency, which are used by customers on his trips to foreign countries, thus avoiding carrying large sums of money. Traveler’s checks are issued by multinational companies in the sector, Mastercard, American Express, Visa, etc. Banks delivered the checks requested by their customers, gaining their amounts in cash or debit account.
Other Reports and Services
Other Reports and business referrals on individuals and companies, drawn from its own sources of information. Collection and delivery of cash in the homes of customers through the use of specialized companies in armored funds. Reports requested by audit firms. Request checks, or transfers to accounts at the Bank of Spain. Correspondence relating to customer operations and any information you transmit or advertising the bank.