What is a checking account quizlet?

Checking Account. a bank account that allows the account holder to withdraw money, pay a bill, or make a purchase by writing checks.

What is a checking account used for quizlet?

The purpose of a checking account is to keep your money safe and make it convenient to pay bills.

What is a checking account your answer?

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 Checking accounts serve as a person’s primary day-to-day resource of funds, where cash can be withdrawn or deposited and various payments can be made.

What is the purpose of a checking account?

A checking account helps you manage your day-to-day finances, like paying your bills, buying groceries and gas and withdrawing cash from an ATM. A savings account is a longer-term account for emergency savings or saving towards a specific goal, such as an upcoming vacation.

What is true about a checking account?

Checking accounts allow you to deposit money that you can then draw against to pay bills or make purchases. They also may be called transactional accounts. Checking accounts are different from savings accounts because—rather than being designed to hold money for the long-term—they’re meant for everyday use.

How are checking and savings accounts different quizlet?

What is the difference between a savings account and a checking account? A checking account is for writing checks and a debit card is usually associated with it. A savings account is just for savings, the intention is that you will not touch the money.

What is a savings account quizlet?

Savings account. a demand deposit account designed for the accumulation of money in a safe place for future use. liquid. meaning you can generally withdraw your money at any time without penalty. principal.

What is saving and checking account?

A checking account is a bank account you can write checks from, or access several other ways, which tends to make it your go-to, daily transaction bank account. A savings account is where you stash funds that you aren’t ready to use yet, often with the goal of accumulating more.

What is an example of a checking account?

Examples of Checking Accounts
There are many types of checking accounts to choose from. For example, one can open a commercial or business account, a joint account, or a student account.