CHECKING ACCOUNT
Transactional deposit account allowing withdrawals and deposits. Funds in this account is very liquid and can be withdrawn through checks, electronic checks, and automated cash machines, among others. Unlike a savings accounts, a checking accounts allows numerous withdrawals and unlimited deposits. It can include business accounts, joint accounts, and student accounts, alongside other types of accounts that offer the same features. In exchange for liquidity, it does not offer a high interest rate. But if held at a chartered banking institution, it will be guaranteed by the FDIC by up to $100,000 per depositor. Also called demand account or transactional account.
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