MCC 6022 - Banks 
MCC 6022, known as "Banks," is a specific code utilized in payment systems to categorize transactions made with banks. This MCC is primarily designated for institutions that offer banking services and solutions essential to both individual consumers and businesses. These entities are characterized by their role in facilitating the safeguarding of funds, providing loans, and offering financial products and services.
Types of Services
- Depository Services: Includes savings accounts, checking accounts, and certificates of deposit.
- Lending Services: Personal loans, mortgages, and credit services.
- Investment Services: Wealth management, mutual funds, and retirement accounts.
- Financial Advisory: Offering expert advice on financial planning and management.
- Payment Processing: Facilitating domestic and international transactions.
Related MCCs
- MCC 6011: Financial Institutions – Manual Cash Disbursements: Primarily for cash advances.
- MCC 6012: Financial Institutions – Merchandise and Services: Utilized for transactions involving purchasing services or products from a financial institution.
FAQs
- What distinguishes MCC 6022 from other financial-related MCCs?
- MCC 6022 specifically applies to banking operations primarily dealing with deposit and credit products, unlike other financial activities such as cash handling or currency exchanges. - Can online banks use MCC 6022?
- Yes, online banks also fall under MCC 6022 as they offer similar services like deposit taking and lending, but operate mainly through digital platforms. - Is MCC 6022 applicable to investment banks?
- Investment banks may use this MCC if their transactions involve traditional banking services, though specific investment services might use different codes.
MCC Categories
Agricultural Services Airlines Business Services Car rent Cars and vehicles Clothing stores Contract services Entertainment services Government Services Hotels / Resorts Mail / Telephone Sales Membership оrganizations Miscellaneous Stores Not categorized Personal services Professional services Repair services Retail Outlet Services Service provider Transportation Services Utility Services Wholesale suppliers and manufacturers