BANKING AFFAIRS

Detailed explanation-1: -A checking account is meant to be used for daily cash needs. It is the primary source of funds for an individual where cash can be withdrawn for spending or payments. A savings account is an account that is meant to be used for saving rather than spending.

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. Accounts may have different options to help avoid the monthly service fee.

Detailed explanation-3: -A checking account helps you manage your day-to-day finances, such as paying your bills, receiving direct deposit of your paycheck, and withdrawing cash from an ATM.

Detailed explanation-4: -Current accounts are best for day to day transactions as there is no fixed number of times that money can either be deposited or withdrawn from such accounts. These accounts are not for saving purposes and is mostly opened by businessmen. Q. What are the different type of bank accounts?

Detailed explanation-5: -Keeping an eye on your checking account regularly can help you spot potentially fraudulent activity and prevent financial losses before they happen. For example, an identity thief may obtain your debit card number and make a small test purchase hoping that you won’t notice.