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

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 ?
and its wholly owned subsidiary bank, Green Dot Bank, are focused exclusively on serving low and moderate income American families with financial products and services, including prepaid cards, checking accounts and cash processing services distributed through a network of some 95,000 retail stores, neighborhood financial service centers and via digital channels.
Even as the profitability of checking accounts continues to decline, the competition for checking becomes increasingly fierce.
These data suggest that, to the extent that savings associations offer no-fee accounts, they are switching such offerings away from savings toward noninterest checking accounts.
The checking account guides are available for Comerica's Access Checking, Rich Rewards Checking, Premier Checking and Comerica Platinum Circle Checking accounts, and can be accessed in the "Personal Banking" section of comerica.
We saw an astonishing number of new customers open checking accounts throughout November and anticipate that additional big bank customers will open new checking accounts through the remainder of the year," said SDCCU CEO Teresa Halleck.
When you are at a restaurant, gas station, or other commercial establishment that does not accept personal checks, you can use your check card to have funds drafted directly out of your checking account.
The first of these accounts we have termed a "single-balance, single-fee, noninterest checking account.
That is almost 33 times the current national average for an interest-bearing checking account (0.