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The Curious Bag
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Checking accounts allow consumers to make purchases with checks and debit cards instead of cash. Many banks offer several different types of checking accounts. The type you choose depends on your needs.
Types
Basic checking accounts will provide you with the ability to write checks and conduct basic banking activities. Multiple individuals who share expenses can open a joint checking account.
Charges
Many basic checking accounts are free, while others charge a small monthly fee. Check the fine print when signing up for an account.
Interest
Some banks offer interest-bearing accounts that will pay interest on your checking balance. These accounts often require you to maintain a minimum balance.
Debit Card
Most checking accounts come with a debit card. Debit cards can be used like credit cards, except that the money comes directly out of your checking account. Most debit cards can also be used to withdraw money or deposit checks at ATMs.
FDIC
Individuals are advised to open a checking account with a bank that the Federal Deposit Insurance Corporation (FDIC) insures. This government agency insures your checking account funds in the event that your bank fails.
Source:
Bankrate.com: Types of Checking Accounts
FDIC: FDIC Insurance Coverage Basics
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