Checking Account

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Related to Transactional account: cheque account, checking 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 ?
Caption: (From left to right) Walter Don, CEO: Nam-mic Financial Solution Holdings and Prof: Tjama Tjivikua, Rector of Polytechnic of Namibia at the launch of the new student card with a functionality of a low-cost transactional account.
The increase of N$4 000 to N$ 5 000 in life cover benefit is applicable to the EasySave-, Vibe-and Transactional accounts, for individuals.
5 million customers use NAB s Classic Banking account, the only fully-featured personal transactional account available to all customers, with no monthly account keeping fees.
Standard Chartered is the sole mandated lead arranger for bridge as well as long term debt facilities and sole transactional account bank in Dubai.
Every FNB customer qualifies for this service as long as the client has an FNB transactional account, is registered for FNB cellphone banking and has an electricity meter number for a specific household.
According to FNB, using this ATM cash withdrawal using mobile phone service, the clients of FNB Cellphone Banking will be able to withdraw cash directly from their FNB transactional account at FNB ATM without using any bank cards.
A first in South Africa, Cash Withdrawal will allow FNB Cellphone Banking customers to withdraw cash directly from their FNB transactional account at an FNB ATM without the use of any bank cards.
Up to now it was only the EasySave Transactional Account holders who qualified for a free death benefit of N$3 000.
Effective January 1, 2010, FDIC insurance will be limited to $250,000 per transactional account.
The xPression for statements solution enables companies to go beyond merely presenting transactional account data.
As a financial technology provider serving aggregation needs of many institutions, we want a highly secure and efficient method to get reliable, transactional account data," said Dinesh Sheth, chief executive of Parsam Technologies, the uMonitor data aggregation technology provider firm that chairs the OFX group.
In investment and commercial banks applications include numerous aspects of straight through processing, transactional account aggregation and consistent cross-system data dispersal, such as distributed credit approval.

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