If you are looking to understand what is meant by the bulk posting and process to bulk posting in SBI bank. Then, this article will be beneficial to you. So scrolling and reading the fundamentals about bulk posting in banks.
Bulk Posting Meaning
Bulk posting is a technical term popularly used in the banking system. Bulk posting means crediting funds in multiple accounts continuously at the same time. In this process, the money is credited to multiple accounts from a single source only. For instance, when the government announces any subsidies, pension, or other benefits to the farmers. Or any corporate company or institution transfers their employee’s salary.
What is Bulk Posting in SBI?
Bulk posting in SBI is the procedure of moving funds from a single source to multiple accounts at the same time. Bulk posting is the term for it.
Bulk Posting is a banking line terminology used to denote the bulk transactions from only one account to multiple accounts. Bulk Posting is usually done in the case of any salary transfer from the company’s current account to all employee’s salary accounts in just a few clicks at once.
Bulk posting was implemented after computers were brought into the banking sector. Bank cashiers used to keep track of salaries in a register. Yet, the process of transferring funds is now technically simpler.
The cashiers enter data and feed multiple salaries into the computer, which then executes commands to transfer all of the employees’ pay into the listed accounts in one click. Bulk Posting is how the banking system refers to this process. Although the entries may number in the hundreds, thousands, or lakhs, bulk postings take only a few seconds.
What to do if you get the Wrong Credit under Bulk Posting?
Often, bulk posting transactions are done for designated groups of people under various schemes, salary transfers, or similar procedures. If you receive credits through bulk posting, your bank statement will reflect this.
There are only two possibilities: you are one of the fund’s true beneficiaries, or you are the victim of a technological error. By accident, your account was added to the beneficiary list. You do not need to be concerned if you are the true beneficiary. If you believe your account has received a surprise fund credit, you must inquire and tell the branch.
Once the money is transferred, the bank will not be able to get it back unless you allow it or follow a specific fund transfer procedure.
Banks, on the other hand, have the right to freeze your account and prevent you from withdrawing funds. Nonetheless, you can accomplish the rest of the required tasks, such as crediting money, receiving subsidies or wages, and so on.
You’ll need a standard application form for this, which you can receive from the branch. Also, submit an application with the subject line “Wrong credit to your account.” Finally, include your account number as well as other information such as your entire address and phone number, as well as the fund credit date. Last but not least, send it to your branch.
If you tried to be smart by withdrawing the money before the bank realized the mistake, you may face legal action.
Bulk posting allows you to move payments from one account to multiple accounts quickly and easily. That saves bankers a lot of time when moving funds. As a responsible citizen, you must notify the bank if your account receives an incorrect credit or debit.