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
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 ?
(49)The Federal Reserve Survey defined checking accounts broadly to include conventional checking accounts, NOW accounts, and money market accounts used for checking.
o Just 38 percent of the credit union checking accounts surveyed pay interest.
The banks' new ability to pay interest on business checking accounts most likely caused the large increase in overall checking account balances rather than interchange fee regulation.
A senior financial analyst with Bankrate said, ' found that 96 per cent of the nation's largest credit unions offer a checking account that is free, or can become free with minimal effort.
Unless you have recently reviewed the terms of your checking account, you may find your account is in the Stone Age.
Brokerage houses such as Merrill Lynch can offer checking accounts, maintain 401(k)s and extend credit.
The credit union data comes from a survey conducted between January 13 and January 20; the bank results come from a Bankrate survey of bank checking accounts that were released in October.
o Signature Advantage Package: includes a Signature Advantage Checking account (and up to four additional Essential checking accounts with no monthly maintenance fee); unlimited non-SunTrust ATM transaction fee refunds; option to participate in Delta SkyMiles[R] Debit Card program; a small safe deposit box with no annual fee; and an introductory promotional money market account interest rate.
Averages for several checking account fees and minimum balance requirements also dropped, suggesting that banks are responding to a consumer backlash.
Two Israeli banks are planning to pay interest on positive balances in checking accounts.