MCC 6025 - Banks

MCC Code 6025 is designated for financial institutions classified as "Banks." This code encompasses traditional banking services offered by commercial banks, savings institutions, and other establishments that provide financial services to individuals and businesses. Its primary purpose is to categorize transactions made at or involving banking institutions where customers conduct financial activities like managing accounts, processing payments, or securing loans.

Types of Services

• Retail Banking: Services include savings and checking accounts, personal loans, and credit services.
• Commercial Banking: Includes business loans, payroll management, and commercial account services.
• Investment Services: Offers investment accounts, financial planning, and asset management.
• Loan and Mortgage Services: Involves processing of personal loans, home loans, and mortgage financing.
• Payment Processing: Encompasses credit card and debit card transaction facilitation.

Related MCCs

• MCC 6012: Financial Institutions – Merchandise and Services: Includes various financial services outside of those strictly provided by banks, like money transfers.
• MCC 6051: Non-Financial Institutions – Foreign Currency, Money Orders: Focuses on non-bank financial services such as currency exchange.
• MCC 4829: Wire Transfer Money Orders: Used for services that facilitate money transfers and remittances.

FAQs

• What types of services do banks offer under MCC 6025?
  - Services include personal and commercial banking, loan origination, investment advice, and payment processing.
• Why is an MCC important for banks?
  - MCCs help in categorizing and analyzing transaction data for financial reporting, compliance, and merchant agreements.
• Do all banks use the MCC 6025?
  - Most banks use MCC 6025 for general banking activities, but specific services might use different MCCs to reflect the type of service provided.

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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