Checking accounts are the simplest and most used type of account within the bank. After you decide a checking account is what you want, you deposit your money into the account and it is protected securely by the FDIC. Checking accounts are used worldwide to offer their customers the convenience of accessing their money, while not having to carry it on them.
The simplest checking account is usually free and has no monthly fees. It’s very simple to open one, and you will be given a free book of checks and issued a debit card to use at all ATM machines worldwide. This gives you the opportunity to be able to pay your bills over the phone using your debit card, or by using the check-by-phone option which makes life a whole lot easier. When you use either of these options the money is simply deducted from your account. However if you write a check or use your ATM card and you don’t have the money, the bank will charge you a bounce fee which is usually around $25.00.
Depending on your age and income you can qualify to get different accounts. For example, there are accounts that are made to specifically benefit students, seniors or people with lower income. A great advantage to having a checking account is that your employer can deposit your paycheck directly into your account every week, which is really convenient for you. To open an account simply go to your nearest bank and they can help you decide which is the best account for you.