Why is checking account an indispensible account?
Checking accounts are basically transactional accounts, held at banks or other financial organizations, for providing safe and fast transactions with customers through various channels. These accounts can be accessed anytime as well as from anywhere for any purpose, like money deposit, fund withdrawal or fund transfer. A checking account is not meant for giving you the facility of saving money. It also does not give you a certain amount of interest. It only allows you to access your fund as and when required for personal or business purposes, through the following means: electronic cards, checks or ATMs. Being a basic service, it is offered by almost all banks.
To avail the facility of a checking account, you need to keep some documents, like proof of address and identification, handy. You will most likely be asked to deposit a small amount initially. But if you are a student without a source of income or if your income level is very low, you might get a chance to be considered for a no-frills checking account. As the name suggests, these special types of checking accounts are free of service charge and any other fees.
Once you get the access of your account, it is solely your responsibility to keep a close eye on your funds. You will receive statements from your bank on a regular basis, but there might be some transactions for which you would not be notified at all as those do not involve checkbooks. Keep a track of all your ATM withdrawals, purchase amounts and other fees as well. Take the advantage of online banking in order to maintain your checking account more precisely. You can transfer your money online through your bank’s website and most importantly you can monitor your account 24×7 online. If your account report shows any unauthorized transaction, inform your bank immediately.
Checking accounts can be of different types, depending upon their functionalities and features. You have options to choose from a wide variety: basic checking, interest bearing, joint checking, express, lifeline, senior or student checking and money market. If you are unable to maintain a high balance, you can go for the basic account. Interest bearing accounts can be availed at a very low payment. You and your dear one can open a checking account together with the help of the joint account scheme. The senior one of your family can also get benefited from the plans like senior checking and lifeline accounts. In short, checking accounts make your life easier with its easy accessibility and simplicity.