What is the purpose of a Balance Inquiry?

The purpose of a Balance Inquiry is to obtain account balance information. This type of transaction allows a customer to check the current available balance in their account, which is essential for managing finances effectively. By performing a Balance Inquiry, customers can stay informed about their account status, ensuring they have accurate information before making withdrawals, transfers, or payments.

Understanding balance inquiries is crucial for maintaining the integrity of one’s financial activities. This transaction typically does not involve any movement of funds, as it merely provides information rather than facilitating payments or account management tasks like opening new accounts or transferring money. It serves as a fundamental functionality within banking and payment systems, enabling individuals and businesses to monitor their financial health.