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With a checking account,
physical paper checks are used to withdraw money from a bank account.
Checks may be used to pay bills, purchase products and services, send money to
other people, and many other
common uses. Checks can also be used to transfer money to accounts at other
financial institutions. Checking accounts provide quick, convenient, and
frequent access to the money in the account. Typically, deposits can be made
into the checking account as often as you choose. Most financial institutions
allow you to withdraw or deposit funds at an automated teller machine (ATM) or to pay
for purchases at stores with your ATM card.
Some checking accounts pay interest; others do not. A regular checking account -
frequently called a demand deposit account - does not pay interest, whereas a
negotiable order of withdrawal (NOW) account does.
Institutions may impose fees on checking accounts, besides a charge for the
checks you order. Fees vary among institutions. Some institutions charge a
maintenance or flat monthly fee regardless of the balance in your account. Other
institutions charge a monthly fee if the minimum balance in your account drops
below a certain amount any day during the month or if the average balance for
the month drops below the specified amount. Some charge a fee for every
transaction, such as for each check you write or for each withdrawal you make at
an ATM. Many institutions impose a combination of these fees.
Although a checking account that pays interest may appear more attractive than
one that does not, it is important to look at fees for both types of checking
accounts. Often checking accounts that pay interest charge higher fees than do
regular checking accounts, so you could end up paying more in fees than you earn
in interest.
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