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 ?
DEFAULT charges outlined in mortgage, current bank account and store card agreements could be cut by an average 60 per cent, Birmingham lawyer claimed.
It requires fixed monthly payments of pounds 10-pounds 250, and at the end of a year, the balance will be paid into the customer's Premier or Premier Direct current bank account.
Intelligent Finance (0845 6094343) is run by Halifax and effectively links a current bank account to a savings account and any borrowing accounts you have with the bank - such as a credit card debt, personal loan or mortgage.
In June 2001, we sent a mailing requesting all ACEI Branches to submit a Branch Financial Report, along with the most current bank account statement.
Police said the duplicate cheque was drawn in favour of LRC Roadways' current bank account number 14*** 61 in HDFC Bank's Hisar branch in Haryana.
IBAN for Qatar will comprise 29 digits and contain the following information; country code, security digits, bank identifier code followed by customer's current bank account number.
Mr Phillips said: "He was making illicit transfers of funds from the Inverness-based company's current bank account to his personal bank account during a period of just over three years.
Nationwide, for instance, cut rates on several accounts while launching its Flex current bank account, for customers paying in at least pounds 1,000 a month, paying 4.
Change to an interest-bearing current bank account if you haven't done so already.