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 ?
Through the Total Banking Rebate, clients can save between 30 and 50 per cent on the cost of their monthly chequing account package.
Through the CIBC Total Banking Rebate, we are enhancing the value our clients receive as part of a banking relationship with CIBC by providing a new savings opportunity on their chequing account," said Colette Delaney, Executive Vice President, Mortgage, Lending, Insurance, and Deposit Products, CIBC.
CIBC clients eligible for the Total Banking Rebate will save between 30 to 50 per cent on their monthly chequing account fees, beginning in April 2012.
And, an eligible CIBC chequing account that carries a monthly package fee, to which the Total Banking Rebate will be applied.
According to a national research study by Vision Critical in 2010, more than half of Canadians (55%) have a fee-based chequing account, and on average they pay $185 per year in fees for these accounts.
Canadians were urging us for years to give them a simple, no-fee chequing account void of fine print and hidden charges.
Canadians who open a new THRiVE Chequing Account and switch their payroll before April 30, 2012 will receive a $100 bonus into their account.
ING DIRECT gives the power of saving to all Canadians by offering high-value, simple products such as high interest Savings Accounts with no fees or service charges, low rates on mortgages and a no-fee daily Chequing Account that actually pays interest.
For liability products such as chequing accounts, NIT is defined as the interest earned (transfer priced by the treasury) less the corresponding interest expense paid to account holders.