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A checking account is a transaction account at a bank against which checks can be drawn by the account depositor.  A checking account is held at a bank as a repository for your money. People usually write checks to pay bills using a checking account or use the electronic bill payment system that you can set up through their checking account at the bank.  Setting up a checking account usually requires a monetary deposit to open the account.  The minimum amount is determined by the bank.  Every adult should have a checking account that helps them keep track of their money and how they spend it.  If you are someone who doesn't trust the bank with your money, you do not have to put all of your money into the checking account, but you should put some of your money in a bank. 

 

When you have a checking account make sure that you know the account policies, meaning the account limits, fees and overdraft protection to avoid going over the account limits and avoid paying fees and penalties. Checking accounts can also have maintenance fees if your account is inactive for a certain period of time, or ATM transaction fees if you use an ATM that is different from your bank or that your bank does not approve as a no fee provider.  Make sure you also check your monthly statements for accuracy.

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You can also use a checking account as a debit account to make store purchases, if your debit card is attached to a major credit card.  Some banks also have debit card usage fees if you make over a certain number of debited transactions. Before opening up a checking account at a bank, make sure that you do your research and understand the bank policies and fees.  There are several types of checking accounts, some are: Traditional checking account, interest-bearing account, business checking account, premium checking account.  Interest bearing accounts are the best to have because you accumulate more money overtime. 

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To learn more about checking accounts, watch the YouTube Video below:

 

 

 

 

 

 

 

 

 

 

 

 

Source: https://youtu.be/Nd8ztl2uvzo

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By Jason Torrents

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