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 ?
Furthermore, clients can now link their savings and cheque accounts to their CellPhone Banking profile and will be able to access and do payments to their Internet Banking (EPAC) beneficiaries via cellphone banking," the bank said in a statement.
In view of the new cost information, Brenda Miller, the General Manager, wants to know whether a decision made two years ago to modify the bank's cheque account product was sound or not.
The offer is available to new and existing Cheque Account customers (including clients with an FNB Gold and Platinum Cheque Account, Young Professionals, FNB One Accounts, FNB Private Clients, Islamic Finance and RMB Private Bank).
Holders of packaged accounts, which roll up a number of benefits and services with a basic cheque account at a cost of up to pounds 96 a year, are even worse off.
Patricia didn't even make a penny in interest because the jackpot was paid into her cheque account.
THE Frizzell Bank's high interest account offers customers good rates along with the flexibility of a cheque account.
Brand Penetration of Cheque Account By Bank (2010): ABSA, First National Bank, Nedbank, Standard Bank
While the price of the device quoted to customers when they contract with FNB, will not change during the 24 month period, the fees on the Gold and Platinum (including Young Professionals) Cheque Account, One Accounts, FNB Private Clients, Islamic Finance and RMB Private Bank Cheque Accounts may change in line with FNB's Annual Price review, effective 1 July 2012.
The bank said that the iPad offering would be extended exclusively to FNB Platinum and Gold cheque account customers.
New entrants have intensified the scramble for customers, with more than 30 providers offering cheque account services, according to some estimates.
With our First Direct cheque account, we don't pay any charges if we borrow up to pounds 250.
Ewen Sheriffs lied about his age to persuade First Direct to give him a Visa card and cheque account.