Commerce Glossary
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What is a Checking Account?
check - ing ac - count
noun
A checking account is a deposit account held at a financial institution that allows withdrawals and deposits.
How Does a Checking Account Work?
Also called transactional account, a checking account allows easy access to money, being accessed using checks, ATMs and electronic debit cards, among other methods. Transactions are debits to a checking account, while a credit is a deposit. Money stored in a checking account is usually spent on a daily basis, for most transactions.