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.
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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Franklin Templeton's Online Account Statements is provided by edocs' eaDirect(TM), an enterprise software solution which transforms transactional account history into personalized, interactive communications enabling marketing via the Internet.
20twenty currently offers an innovative transactional account called the "20one account" that encompasses saving and current accounts, credit card and optional line of credit -- all in one.
However, he said the growth was contributed by the bank's retail advances of transactional accounts, personal loans and debit/credit cards as well as the banks caution on lending and focusing on recoveries and operational efficiencies such as technology adoption/digital migration.
The number of customers with transactional accounts dropped over the past year, the bank said.
The services offered by retail banks includes savings and transactional accounts, debit cards, credit cards, personal loans, and mortgages.
The deposit portfolio mix continues to experience a shift from time deposits to core transactional accounts.
Some of the recent engagements include: Supporting the development of the NFIS in 2015 and supplementing it with nine technical notes on agriculture finance, MSME finance, digital transactional accounts, housing finance, Islamic finance, payments systems, secured transactions, insurance and pensions.
Services offered include savings and transactional accounts, mortgages, personal loans, debit cards and credit cards.

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