What does it mean to use financial withholding?

Financial withholding means that the current institution cannot directly deduct money. If consumers need to pay, they need to let other financial institutions deduct money on their behalf. Under normal circumstances, the financial withholding party is the bank. If consumers don't want to pay by financial withholding, they can pay directly in cash.

For example, consumers need to pay 100 yuan for electricity and bring 100 yuan in cash to the power company to pay the bill. The power company said that the unit can't receive cash directly, so it needs to deposit the electricity fee into the bank card first, and then the bank will deduct the money from the consumer's bank card and transfer it to the account of the power company to complete the payment. This process is financial withholding.

Financial withholding can avoid the trouble of changing and collecting counterfeit money, and provide consumers with a safe, efficient and convenient payment method. Financial withholding saves consumers from waiting in line and paying fees manually, which greatly facilitates their lives.

Whether to use financial withholding depends on consumers' personal wishes. If consumers like cash payment very much, they can not use financial withholding. If consumers don't like cash payment, they can use financial withholding.

Due to the obvious advantages of financial withholding, all localities and departments will cooperate with financial institutions to collect fees through financial withholding. Although a cash charge window will be arranged, it is rare.