A checking account or transactional account is an account held at a banking institution that allows deposits and withdrawals. Also known as demand accounts, they can be accessed using ATMs, checks, electronic debits and other methods of payment. There are many types of accounts that can be classified under checking account including business, student and joint accounts.
Both checking and savings accounts are bank deposit accounts. However, a checking account is custom made for day-to-day money transactions while money in a savings account is supposed to stay and earn interest over time. Also, unlike a savings account which has a limited number of withdrawals, you can make as many transactions as possible on a checking account.
Opening a checkings account is easy at most financial institutions. However, one is required to carefully choose the type that fits their banking needs. Here are the general requirements when creating a checkings account.
1.Do extensive research and select a reliable and reputable financial institution that is suitable for your wallet and needs. Some banks have lower interest rates than others.
2.Put together all your application documents
3. Once you have completed opening your account, you should get an ATM card and/or personalised check book
Are you comparing checking accounts? Due to checking accounts getting more popular, financial institutions are in competitions to offer the best and most affordable services.
The best checking account 2017 MUST have the following features:
It is wise to do research before opening and making a deposit to your new checking account. Ensure that you have all the information you need and confirm that the financial institution of your choice is secure and trustworthy. A checking account should be able to hold all the money you may need for everyday activities, throughout the month.