MCC 6028 - Banks 
Merchant Category Code (MCC) 6028 is designated for "Banks," covering a wide range of banking institutions involved in providing financial services. These include traditional brick-and-mortar banks, online-only banks, and other financial service providers that offer banking-related products. The primary purpose of this MCC is to categorize transactions and businesses related to banking operations, ensuring smooth transaction processing and accurate financial reporting.
Types of Services
- Banking Services: Covers services such as personal and business accounts, loans, mortgages, and credit card issuance.
- Investment Services: Include offerings such as wealth management, stock brokerage, and retirement planning.
- Payment Processing: Encompasses services for processing payments, including online transfers and wire services.
- ATM and Branch Transactions: Refers to activities involving withdrawals, deposits, and account management at physical locations or ATMs.
Related MCCs
- MCC 6011: Financial Institutions Manual Cash Disbursements: Focuses on transactions involving cash withdrawals and disbursements at financial institutions.
- MCC 6012: Financial Institutions Merchandise and Services: Includes transactions for purchasing goods and services from financial institutions beyond typical banking services.
- MCC 6051: Non-Financial Institutions - Money Orders, Wire Transfers: Covers non-bank entities that offer money order sales and wire transfer services.
FAQs
- What does MCC 6028 cover?
- MCC 6028 is used to categorize transactions conducted by banks, including traditional banks, online banks, and credit unions, mainly focusing on banking services. - Is MCC 6028 applicable to investment activities?
- Primarily, MCC 6028 is designated for banking services, but banks providing investment advisory services may fall under this MCC, depending on their service structure. - How does having an accurate MCC affect businesses?
- Using the correct MCC helps businesses reduce transaction fee disputes, accurately categorize expenses, and comply with financial regulations.
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