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 ?
Cheque account balances greater than $500 earn interest of 2% per year, and
The offer is available to new and existing Cheque Account customers (including clients with an FNB Gold and Platinum Cheque Account, Young Professionals, FNB One Accounts, FNB Private Clients, Islamic Finance and RMB Private Bank).
To an outsider last week's move by a major UK bank to bump up rates on personal cheque accounts makes no sense.
Cheque account holders in the US have supported stronger banking regulations, according to a new survey commissioned by the Pew Health Group.
There are also fixed and capped rates for periods up to 10 years, and there are mortgages with repayment holidays and a cheque account option.
the Consumers Association magazine, says that if you overdraw by pounds 100 one week each month, go for Alliance & Leicester's Alliance, Bank of Scotland's Chequeplus, First Direct's cheque account, Halifax's current account or Royal Bank of Scotland's interest-paying current account.
The bank pulled in an extra one million cheque account customers.
In addition, tiered interest rates for the Wesleyan's Savings Bank Cheque Account will go up by 0.
If you currently have a Bank of Scotland cheque account you'll have to choose whether you want it operated over the phone or by a branch.
Peter, of Bromley, Kent, opened his Chelsea Classic postal cheque account last year, and gets 4.
or `transfer $200 from savings to cheque account,'" Chidiac said.
When he was at drama school he deliberately opened a cheque account without an overdraft facility so he wouldn't get into debt.