checking account

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Explanation of "Checking Account"

A checking account is a type of bank account that allows you to deposit money and withdraw it whenever you need. You can use this account to pay for things by writing checks or using a debit card. The money in a checking account is available for you to use right away, which is why it is called "payable on demand."

Usage Instructions

• Opening a Checking Account: You can open a checking account at a bank or credit union. You will need to provide some personal information, like your name, address, and identification.
• Using a Checking Account: You can deposit money into the account, write checks to pay for things, and use a debit card to make purchases or withdraw cash from ATMs.

Example

"I just opened a checking account at the bank so I can easily manage my money and pay my bills."

Advanced Usage

• Overdraft Protection: Some checking accounts offer overdraft protection, which means you can spend more money than you have in your account, but you may have to pay a fee.
• Joint Checking Account: You can open a checking account with another person, which is called a joint checking account. This is common for couples or business partners.

Word Variants

• Checking: The act of verifying or examining something.
• Account: A record of financial transactions or a relationship with a bank.

Different Meanings

• In a different context, “checking” can mean verifying information, like “checking your answers on a test.”

Synonyms

• Current account: This is a term used in some countries that is similar to checking account.
• Demand deposit account: Another technical term for a checking account.

Idioms and Phrasal Verbs

• "In the black": This means you have more money in your account than you owe.
• "In the red": This means you have less money in your account than you owe or you are overdrawn.
• "Check in": This means to report your arrival or to get updates.

Summary

A checking account is a flexible way to manage your money, allowing you to deposit, withdraw, and pay bills easily.

Academic

Noun

1. a bank account against which the depositor can draw checks that are payable on demand

Synonyms

• chequing account
• current account