Checking Account
A checking account is a type of bank account that allows you to deposit and withdraw money, make payments, and transfer funds. Checking accounts are typically used for everyday expenses, such as groceries, bills, and other purchases. Checking accounts are also known as transactional accounts, and they are typically offered by banks and credit unions.
History of Checking Accounts
The first checking accounts were introduced in the United States in the late 19th century. At the time, banks were only able to offer savings accounts, which were designed to help customers save money. Checking accounts were created to provide customers with a way to access their money quickly and easily. Over time, checking accounts became more popular and banks began to offer more features, such as overdraft protection and debit cards.
Comparison of Checking Accounts
| Account Type | Minimum Balance | Fees | Interest Rate |
|---|---|---|---|
| Basic Checking | $0 | $0 | 0.00% |
| Interest Checking | $1,000 | $10/month | 0.10% |
| Premium Checking | $5,000 | $15/month | 0.25% |
Summary
Checking accounts are a type of bank account that allow customers to deposit and withdraw money, make payments, and transfer funds. Checking accounts are typically used for everyday expenses, such as groceries, bills, and other purchases. Banks and credit unions typically offer checking accounts, and they may offer additional features, such as overdraft protection and debit cards. For more information about checking accounts, you can visit the websites of banks and credit unions, or you can visit websites such as Bankrate.com and NerdWallet.com.
See Also
- Savings Account
- Debit Card
- Overdraft Protection
- ATM Card
- Credit Card
- Wire Transfer
- ACH Transfer
- Direct Deposit
- Online Banking
- Mobile Banking
