What is a checking account?
A checking account is a basic bank account that allows you to deposit and withdraw cash at anytime. Basically its a everyday bank account that can be used for purchases, direct deposits.
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Checking Accounts & Debit Cards + Checks
Checking accounts are linked to debit cards so you can easily make purchases, withdrawals & deposit cash easily at ATM's & bank tellers. Checks are linked to checking accounts as well for the same purposes of making purchases, withdrawals, and for deposits.
Checking accounts & fees/interest
Checking accounts don't usually earn interest, but it depends from each bank/financial institution.
Fees
Overdraft Fees: are charged when you spend/withdraw more money than you have on your account
ATM Fees: ATM fees are charged if you use an ATM outside of your banks network
Maintenance Fees: Fee that is charged to keep your account open, the amount depends on your bank
What is the difference between checking accounts & savings accounts?
Checking Accounts
Checking Accounts
Used to keep tracking of spendings
Can withdraw & make payments
Better for everyday purchases
Usually does not earn interest
Savings Accounts
Savings Accounts
Used to store money
Limit on amount of money you can withdraw
Not used for everyday purchases
Earns interest
How do I get a checking account?
Checking accounts can be obtained through your bank or a financial institution along with debit cards & checks.
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