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Deposit payment meaning

deposit payment meaning

Bank Giro Credits, which were instructions to credit a particular bank account: these were not instructions to debit another account, so they had to be accompanied with cash or cheques, and they could be used both for bill payments and as paying-in slips; when used.
Almost all the leading public sector as well as private banks have used our portal for auctioning their NPAs.
As such, the payer doesn't have the benefit of paying on credit.
Transactions cannot be recalled or disputed after the fact.In the postal giro model, the paying party sends a request to pay the payee (called a giro transfer ) to the giro centre, which verifies that the funds are available, debits the payer's accounts by the amount requested, and credits that amount to the.Then, the payer reads in the information from the bill, either manually or by using the barcode on the bill (ex: EPC QR Code in the European Union enters it to the form on the bank website, and submits the form.YES NO 9 people found this helpful.Direct deposit systems such as those in common use in North America, by contrast, require the recipient's explicit approval, typically provided by filling out a form.As a result, cheques are rarely used in countries with extensive giro networks, such as Germany, the Netherlands, Belgium and the Nordic countries.In the case of large utilities receiving thousands of payments per day, statements are sent electronically and incorporate a unique reference number for each payment for reconciliation purposes.In some stores in the United States checks are scanned at the cash register and handed back to the customer.5 The Italian term comes via Latin "gyrus" meaning "gyre" 6 from the Greek "gyros" meaning "circle".This handling was naturally a very regional system but it allowed the money to circulate in the books.
CDs offer higher rates of return than most comparable investments, in exchange for tying up invested money for the duration of the certificate's maturity.
However, the disadvantage is that the transactions are unsecured.
Giros are primarily a European phenomenon; although electronic payment systems such as the.The payment error rates and subsequent reconciliation issues are significantly reduced.The basic concept is that of a banking system not based pokerstars mobile real money on cheques, but rather by direct transfer between accounts.It is the focus of the 1996 film Waiting for Giro.In entirely electronic bill payment, the payer receives a bill either physically by mail or electronically from a website ( electronic billing ).If the accounting office is centralised, then transfers between accounts can happen simultaneously.Use this term in a sentence.The certificate of deposit generated a whole five percent profit in five months so we decided to continue the investment indefinitely.Unlike the banking model, the postal giro model allows an individual to transfer money directly into another individual's bank account, provided the sender has the recipient's account details.The payer lacks the sort of protections against dishonest payees that come with credit cards.

The banks' main payment instrument was based on the cheque which has a totally different remittance model than that of a giro.
See also edit References edit).
8 Giro was a common method of money transfer in early banking.