Checking Accounts

Checking accounts are demand deposit accounts and are used to store money in the bank for a short time period until it is needed for individual expenses. A checking account is a type of bank account that is insured by the Federal Deposit Insurance Corporation (FDIC). It is the most liquid bank account among the other deposit [Page 329]account types. Checking accounts were not subject to interest payment until the repeal of Regulation Q in 2010. Checking accounts allow customers to make numerous withdrawals and unlimited deposits. On the other hand, the other types of bank accounts, such as savings accounts, have limitations for withdrawals and deposits. Customers can deposit or withdraw any amount of money in their accounts conveniently by means of checks, ATMs ...