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Checking Account
A type of bank account that allows the owner to deposit, withdraw, and manage their money using checks, debit cards, and electronic banking services.
More Details
A checking account is a type of bank account that allows account holders to easily deposit and withdraw money, pay bills, and write checks. They are called "checking" accounts because account holders can write checks to pay for expenses and purchases, rather than paying with cash or a credit card. Checking accounts usually have a lower interest rate than savings accounts and do not require a minimum balance to be maintained.
Example
You receive your bi-weekly paycheck, and it is deposited into your checking account for your easy access.
Related Terms
ATM
An Automated Teller Machine (ATM) is a machine that allows bank or credit union customers to make deposits, withdrawals, and other transactions.
Available Credit
The amount of credit currently accessible on a credit card or line of credit. It is the amount that can be borrowed and used for transactions.
Money Market Account
A type of savings account that offers higher interest rates and has higher minimum balance requirements.