1 That can add up to $360 each year in cash back from everyday purchases. For example, with Discover® Cashback Debit, you can earn 1% back on up to $3,000 of debit card purchases each month. Not all banks offer cash back on checking accounts, but some do. Some banks may also provide paper checks to their checking account customers, which can be used to make purchases or to give money to people and organizations. Many modern checking accounts offer debit cards, mobile apps, an ATM network, and online money transfer options. It’s also the account you’ll probably use to make regular cash withdrawals, pay bills, send money to others, or buy food at the grocery store. Your checking account will likely be where you accept deposits such as your paycheck and other funds. Checking account definition: What is a checking account?įirst and foremost, a checking account is transactional, meaning it’s a place to keep the money you intend to use throughout the month. But what is a checking account, and how does it differ from other options such as savings or money market accounts? Find the answers to all of your biggest questions about checking accounts below. One of the most common options is the checking account, which is offered by banks, credit unions, and other financial institutions. So you’ll want to select the account type that best fits your needs, depending on your financial goals and spending habits. There are many different types of bank accounts to choose from, though. Bank accounts offer a safe place to store your money when it isn’t being used and a reliable way to access your funds when needed.
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