Checking Account

What Is a Checking Account?

A checking account is a bank account where you can make cash withdrawals or deposits. You can also use a checking account for electronic transfers or online or in-person purchases. Generally, checking accounts cover everyday expenses, such as rent, utility, and medical bills.

A checking account allows you to make deposits and withdrawals to cover daily and monthly living expenses. You can access money in a checking account with a check, at an ATM or through electronic debits. Checking accounts often don’t pay interest. Checking accounts might charge fees, such as monthly or overdraft fees. The FDIC generally insures money in a checking account up to $250,000.