Checking Account

(redirected from Current Bank Account)
Also found in: Dictionary, Thesaurus.

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 ?
The principles have wider implications for similar types of charges laid out in the terms in other agreements including those for mortgages, current bank accounts and store cards.
Current bank account clarifications or proof of current professional liability insurance coverage
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.
Other big advantages of flexible mortgages are that the interest is usually calculated either daily or monthly, and also some lenders will let you use your mortgage as a current bank account so, if you've made extra payments but then for some reason need the money back, you can just write yourself a cheque.
determining the object and the size or scope of the contract: The object of the procedure for public procurement is to provide comprehensive services in the field of banking services, in particular that of running bank accounts, electronic banking services, provision of a system of electronic payments and loan in the zloty a current bank account in the amount of 500 000.
pounds 10 per month saved on current bank account charges.
First, people who already have a versatile current bank account will be able to continue using this facility for pensions and benefits paid by ACT.
CATHERINE Johns, pictured, has a current bank account, four credit cards and no savings.
C) information on current bank account of the Contractor.
The survey on financial and social exclusion by the European Commission showed 41 per cent of Irish adults have no transaction or current bank account and 51 per cent do not have any access to revolving credit.
CATHERINE Johns has a current bank account, four credit cards and no savings.