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 ?
So, am I better off having a current bank account and paying monthly bank charges as well as charges for buying call credit, or having a MoMo account and receiving quarterly interest and not paying any charges for buying call credit?
The study examined both levels of access to and use of three basic financial services: current bank accounts, savings accounts and credit facilities.
The principles have wider implications for similar types of charges laid out in the terms in other agreements including those for mortgages, current bank accounts and store cards.
Police said the duplicate cheque was drawn in favour of LRC Roadways' current bank account number 14*** 61 in HDFC Bank's Hisar branch in Haryana.
Mr Phillips said: "He was making illicit transfers of funds from the Inverness-based company's current bank account to his personal bank account during a period of just over three years.
First, people who already have a versatile current bank account will be able to continue using this facility for pensions and benefits paid by ACT.
CATHERINE Johns, pictured, has a current bank account, four credit cards and no savings.
Other big advantages of flexible mortgages are that the interest is usually calculated either daily or monthly, and also some lenders will let you use your mortgage as a current bank account so, if you've made extra payments but then for some reason need the money back, you can just write yourself a cheque.
pounds 10 per month saved on current bank account charges.