Checking Account

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Checking Account

A deposit account held with a financial institution that allows for withdrawals through checks, automated teller machines, or debit cards. Typically pays no interest or lower interest rate as compared to Savings account

Checking Account

An account at a bank in which a customer deposits money for immediate use. For example, one may utilize a checking account for one's monthly expenses, such as a mortgage payment or groceries. Because most customers keep money in a checking account for a shorter period than in a savings account, a current account pays a slightly lower interest rate. Typically, one can write a check or use a debt card on a checking account, and banks expect customers to do so. The term "checking account" is more common in the United States. In the United Kingdom, the common term is "current account."

Checking account.

Checking accounts are transaction accounts that allow you to authorize the transfer money to another person or organization either by writing a check that includes the words "Pay to the order of" or by making an electronic transfer.

Banks and credit unions provide transaction accounts, as do brokerage firms and other financial services companies that offer banking services.

Money in transaction accounts is insured by the Federal Deposit Insurance Corporation (FDIC) up to $100,000 per depositor in each banking institution. However, the FDIC doesn't insure money market mutual funds that offer check-writing privileges.

References in periodicals archive ?
Select Package: includes a Select Checking account (and up to three additional Essential checking accounts with no monthly fee); two monthly fee waivers for non-SunTrust ATM cash withdrawals; $25 annual discount on any safe deposit box; and an introductory promotional savings account interest rate.
The study noted that the rates on the credit unions' interest bearing checking accounts had balance limits, meaning they apply only to the first $500 or $1,000, for example.
Adding the GoBank checking account to our shelves means our customers will have exclusive access to one of the most affordable, inclusive and easy-to-use checking accounts in the industry.
The greatest increase in the number of checking accounts offered occurred with the caps/rewards type of account--up 3.
It is expected that Bank of America Corp (NYSE: BAC) and other US banks might introduce new fees on basic services and eliminate free checking accounts.
Once you've eliminated checking accounts that can take your money, consider one that makes you money.
Have a checking account/don't have a checking account
When Morgan Robinson began working for SmithKline as a teenager in 1999, she opened a checking account with her employer's bank.
If she did, she'd empty her cookie jar and march into First Union and open a no-minimum checking account for $5.
Californians also are forced to maintain some of the highest average balance requirements to avoid fees, with a required minimum balance averaging $811 for checking accounts, ranking California 33rd out of 34 states.
The smaller proportion of savings associations offering noninterest checking accounts may stem from the fact that savings associations, unlike banks, were generally restricted from providing these accounts before the 1980s; their availability rose a statistically significant 14 percentage points over the five survey years, a change that, along with other factors, may reflect a reaction to the previous restriction.
This slide deck focuses on the important questions concerning consumers' behavior regarding checking accounts.