Member-only story
FUNDAMENTAL FINANCE
The Necessity of a Checking Account
What it is. How it works. Why you need it.
In the world of personal finance, there are few subjects that are more basic than how to use a checking account.
They are the staple of our society, allowing us to get paid from our jobs, pay our bills, purchase stuff online, and transfer money to both family and strangers alike.
They are nearly ubiquitous in our lives, but do you know how they really work, and why banks even offer them in the first place?
Do you know both the perks and limitations of your checking account?
Why do you even have one in the first place?
Let’s explore all those questions and more in this installment of Fundamental Finance.
The Basics of a Checking Account
From Investopedia,
A checking account is a deposit account held at a financial institution that allows withdrawals and deposits. Also called demand accounts or transactional accounts, checking accounts are very liquid and can be accessed using checks, automated teller machines, and electronic debits, among other methods.
Checking accounts came about because people wanted a “safe place” to store their…
