MCC 6023 - Banks 
The Merchant Category Code 6023 is designated for banks, financial institutions that serve as the backbone of the global economy. The primary purpose of this MCC is to categorize businesses that offer banking services, including deposit acceptance, loan provisioning, and various financial products. These institutions play a critical role in facilitating financial transactions, credit distribution, and wealth management for both individuals and businesses.
Types of Services
- Depository Services: Includes checking and savings accounts for storing funds securely.
- Loan and Credit Services: Offering personal, business, and mortgage loans, along with credit products like credit cards.
- Investment and Wealth Management: Providing investment products, mutual funds, retirement accounts, and wealth management advice.
- Payment Processing: Handling transactions through checks, electronic funds transfers, and card payment systems.
- Financial Advisory Services: Assisting clients with financial planning, tax advice, and insurance products.
Related MCCs
- MCC 6011: Financial Institutions – Manual Cash Disbursements: Used for financial institutions involved in manual cash disbursement activities.
- MCC 6012: Financial Institutions – Merchandise and Services: Covers financial institutions offering services beyond traditional banking, such as retail financial products.
- MCC 6051: Non-Financial Institutions – Foreign Currency, Money Orders (not wire transfer), and Travelers Cheques: For businesses that offer financial services but are not banks, like currency exchanges.
- MCC 4829: Money Transfer – Money Orders (Wire Transfer): Dedicated to services involving electronic money transfers.
FAQs
- What types of transactions fall under MCC 6023?
- Transactions involving banking services like deposits, loan repayments, and financial advisory fees are categorized under MCC 6023. - Why is it important to know a bank's MCC?
- Understanding a bank's MCC can help in analyzing spending patterns, budgeting, and ensuring appropriate transaction reporting for both businesses and card issuers. - How does MCC 6023 affect chargebacks or transaction disputes?
- The MCC code helps determine the nature of a transaction during chargeback investigations, guiding how disputes are managed and resolved.
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