What is a Checking Account?
A checking account is a deposit account where you can manage all your financial transaction. It allows you to set up automatic transfers to pay for your bills, or receive income such as salary or wages. You can withdraw or deposit money easily, either using an ATM or going to a bank branch, depending on the bank and/or type of account. With a checking account, you can also make payments using a card or a check when available for your type of account.
What Do You Need to Open a Checking Account?
Before opening the account, it’s always best to compare different banks and account’s types to find the one the is best for your needs. Once you have identified the best account for you, you can then proceed to open it. Most banks will require you to be over 18 years old or else have a co-signer in the account. They will also run a background credit check before you can open an account with them.
How Do you Choose the Best Checking Account?
As different banks offer different types of accounts with different features you should consider what features are important for you. For example, some banks will require you to hold a minimum balance in the bank account, or charge you for overdraft limits. Other fees you should consider is the monthly maintenance or any fees associated with going over the maximum amount of transactions each month.