BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A checking account is a deposit account at a financial institution that allows for withdrawals and deposits of cash. Checking accounts serve as a person’s primary day-to-day resource of funds, where cash can be withdrawn or deposited and various payments can be made.

Detailed explanation-2: -Checking account: A checking account offers easy access to your money for your daily transactional needs and helps keep your cash secure. Customers can typically use a debit card or checks to make purchases or pay bills.

Detailed explanation-3: -In the U.S., the Federal Reserve dictates the amount of cash, called the reserve ratio, that each bank must maintain. Historically, the reserve rate has ranged from zero to 10% of bank deposits. Bank reserves are the minimal amounts of cash that banks are required to keep on hand in case of unexpected demand.

Detailed explanation-4: -Deposit products include savings accounts, checking accounts, certificates of deposit (CDs), and money market accounts. A checking account is a transactional account. It is designed for individuals to deposit money into it and take money out of it frequently.

Detailed explanation-5: -A transaction account, also called a checking account, chequing account, current account, demand deposit account, or share draft account at credit unions, is a deposit account held at a bank or other financial institution.