What is a Checking Account?

By definition: A Checking Account is an account maintained by a customer with a depository institution which the holder can write checks. Checking accounts pay less interest than savings accounts, or none at all. Funds deposited in a checking may be withdrawn only by the account owner or another person signed on the account or authorized to access the account. The account may be owned by one or more persons. Some accounts require a minimum balance.

If you don't like carrying cash around this is a good account to have. You can write checks or use a debit card (provided by some institutions) for many purchases.

Online Checking:

Do all your banking online. Check balances, statements, recent deposits and withdrawls.

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