- This topic has 7 replies, 8 voices, and was last updated 7 years, 10 months ago by
.
-
Posts
-
Meaning:-
A checking account (also called a “demand account” or “transactional account”) is a transactional deposit account that allows for withdrawals and deposits at a financial institution .Money held in a checking account is very liquid,and can be withdrawn using cheques, automated cash machines, and electronic debits, among other methods.Sentence Formation:-
Checking accounts are offered by most banking institutions for a minimal fee or no fee at all.Related Words:-
Cheques,Current Account,Trading Account,ZBA,Financial InstitutionA checking account offers easy access to your money for your daily transactional needs and helps keeps your cash secure. It allows numerous withdrawals and unlimited deposits unlike a savings account which limits both. Cash in checking account is so liquid that it can be withdrawn by using cheques, atm’s, electronic debits and other methods.
Sentence Formation:
Banks do not generate much revenue out of checking accounts, but still use it to attract customers to more profitable features like personal loans, mortgages etc..
A checking account is a financial account that offers easy access and security of your money for daily transactional needs. It allows you to deposit your paychecks and withdraw money for vacations, going out to eat, or anything else you would like to spend your money on. If you want to utilize a debit card or get cash out of an ATM, you must have a checking account opened at a financial institution.</
In exchange for the liquidity, checking accounts typically do not offer a high interest rate, but if held at a chartered banking institution will be FDIC guaranteed up to $100000 per individual depositor.
Explanation
An account which allows the holder to write checks against deposited funds. Checking accounts which pay interest are sometimes referred to as negotiable order of withdrawal (NOW) accounts. The interest rate often depends on how large the balance in the account is, and most charge a monthly service fee if the account balance falls below a preset level.
Statement form
A basic checking account may only require a $100 balance to have monthly services fees waived, whereas an interest-bearing account may require a $1,000 balance to have fees waived and to collect interest.
- You must be logged in to reply to this topic.
