Checking Account

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Related to Checking Account: savings account

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
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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."
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.
References in periodicals archive ?
Section II describes electronic payment products available to unbanked consumers, discusses advantages and disadvantages of those products relative to traditional checking accounts and cash, and considers which products unbanked consumers are most likely to adopt.
Even so, consumers looking for checking accounts without monthly fees have plenty of options.
Averaged across 25 million to 35 million checking accounts for the very large banks, that is a lot of revenue to recover, but it seems that somewhere between 50 percent and 75 percent of that revenue can be recovered over time.
Grabbing your debit card when you meant to use a credit card can cause problems if there isn't enough money in your checking account. One suggestion is to use certain cards only for certain types of purchases, to make tracking expenses easier.
Customer privileges offered with the Citibank Preferred Rupee Checking account are: Competitive Foreign Exchange rates on inward remittances; Preferential Service Charges on transactions; uperior Service Delivery: Citibank Preferred Rupee Checking Account customers will have access to a dedicated helpline attended directly by a CitiPhone officer with a priority turnaround time for query resolution.
In this case, it is important to note that the taxpayers prevailed because the evidence suggested that their son was owner in name only and that the "business," whose name was on the checking account used to make the housing payments, existed in name only.
First Union opened a checking account for the thieves anyway, and they then went on a check-writing spree through Atlanta.
The profile of most of the Hispanics who are recent immigrants are not financially stable because of lower income, lack of a checking account and the fact that the majority are renters.
Members entrusting their deposit and checking accounts with credit unions can save and borrow at reasonable rates with the same peace of mind as when using traditional banks thanks to federal insurance protections.
Here's how automated repurchase investment accounts work: At the end of each day, after all debit and credit transactions have posted, funds are automatically moved from a commercial checking account into the sweep account, which is collateralized and invested in U.S.
The Pelham Bay branch will offer a variety of services, including high-interest checking, the popular Cheap Checking account, ATM services, as well as the traditional passbook savings account.
Payments for tuition will be withdrawn from the parent's checking account and sent to the teacher.