ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A checking account is a type of bank account that allows you to easily deposit and withdraw money for daily transactions. This may include depositing a check you receive, taking out cash with your debit card or setting up direct deposit for your paychecks.

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: -A checking account might be just what you’re looking for. It’s a bank account used for everyday deposits and withdrawals-that means putting money into your account, taking it out or using your debit card in the place of cash.

Detailed explanation-4: -A checking account is a deposit account held at a financial institution that allows withdrawals and deposits. Also called demand accounts or transactional accounts, checking accounts are very liquid and can be accessed using checks, automated teller machines (ATMs), and electronic debits, among other methods.

Detailed explanation-5: -A checking account got its name from banks’ conventional service, writing cheques. In the UK and many other countries, it is called a current account. An individual can open a current account with a bank or other financial institution like credit unions.