chequing account
Definition
Noun: A bank account that allows the account holder to write checks to make payments. The funds in this account are payable on demand, meaning they can be withdrawn immediately without prior notice to the bank.
Usage
A chequing account is used for daily financial transactions. It is designed for frequent deposits and withdrawals, typically through checks, debit cards, electronic transfers, and ATM access. It is distinct from a savings account, which is intended for holding money and earning interest.
Examples
- I need to deposit my paycheck into my chequing account so I can pay the bills.
- Most businesses use a chequing account to manage their operational expenses.
- Please make the cheque payable from my chequing account.
Advanced Usage
- Overdraft Protection: Many chequing accounts offer a service that covers payments even if the account balance is insufficient, usually for a fee.
- Example: My chequing account has overdraft protection, so my rent check didn't bounce.
Variants and Related Words
- Checking Account: The more common spelling in American English. "Chequing account" is the standard spelling in Canadian and British English.
- Current Account: The term commonly used in the UK and many other countries for an account used for everyday transactions.
- Demand Deposit Account: A formal banking term for an account from which funds can be withdrawn at any time without advance notice.
Synonyms
- Transaction account
- Demand account
Related Phrases
- To write a cheque against an account: To use a cheque to withdraw money from a specific account.
- Example: He wrote a cheque against his chequing account to pay for the car repairs.
- To have an account in credit/debit: Refers to the balance status of the account (positive or negative).
- Example: Ensure your chequing account is in credit before setting up automatic payments.
Noun
-
a bank account against which the depositor can draw checks that are payable on demand
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