What is a checking account and what are the advantages of using it?

It is an account that permits the holder so he/she can make checks against his/her deposited funds. It is kept in the financial institution which allows deposits and withdrawals.  Money kept in the checking account will be very liquid. This can be accessed using checks, electronic debits, and cash machines which are automated. Some of the advantages of using a checking account are as follows:

  1. It is safer than cash
    Account owners don’t have to bring with them large sums of money so it is more secure. They need not worry about hold-up or theft while holding it.
  2. It serves as a proof that you already paid – Checks provide written proof that you already paid someone. Every time you make a check which ultimately clears an account; the bank will be many records of that transaction.
  3. No transaction limits – Electronic transfers may be done as often as an account owner pleases. Less expensive compared to money orders – Personal checks cost less than doing money orders or even cashier’s checks

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