BANKING AFFAIRS

Detailed explanation-1: -A checking account is a type of bank account that allows both withdrawals and deposits. These accounts can be accessed in several ways, including checks, debit cards, and ATMs and can be opened with no minimum deposit or for a small minimum deposit, depending on the type of account.

Detailed explanation-2: -So, your savings account represents your share of the credit union, thus it’s called a “share account” (or sometimes a share savings account). Checking accounts at a credit union are called “draft share accounts” because they’re share accounts you can draft checks from.

Detailed explanation-3: -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.