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 ?
The new improved system offers clients with an EasySave, Solo, Vibe, transaction, SeniorSave or cheque account with more functionality and convenience.
After some discussion, the bank decided to hire a consultant management accountant to compute the costs of the products: cheque accounts, personal loans, the standard M/C card, and the gold MC card.
New entrants have intensified the scramble for customers, with more than 30 providers offering cheque account services, according to some estimates.
It opened an extra 232,000 cheque accounts last year, taking the total to almost 13.
1 per cent that the major banks pay on cheque accounts.
It provides a detailed trend analysis of various financial products, including cheque accounts, savings accounts, mzansi accounts, petrol/garage cards, credit cards, debit cards, investment accounts, home loans, vehicle finance, retails store cards, overdrafts, investment in mutual funds, investment in the stock exchange and short-term/long-term policies.
The survey showed that nearly three quarters of Americans with cheque accounts support stronger banking regulations.
3 per cent, while cheque accounts have fallen from 4.
5billion and made loans of pounds 400million, has announced it will be offering accounts in the new euro - including cheque accounts - whe n the new currency starts on January 1.