Online Checking Accounts
Although these accounts are still called checking accounts, writing checks is slowly becoming a thing of the past. Today’s checking accounts tend to be more along the lines of full service accounts, and you can use them to do many things besides write checks. The only things checks seem to be used for on a regular basis is providing a void check in order to set up a pre-authorized payment. Most people write very few actual checks.
Checking Account Interest
Checking accounts do not pay interest on your deposits, but do sometimes offer rewards for those who maintain a certain balance of funds in their account. For example, some checking accounts offer to waive the monthly fee if your balance is over a certain amount for the whole month.
Checking accounts are where your monthly pre-authorized debits are programmed to be taken from, and where your mortgage payment is removed from. This is the account that would be accessed from an ATM, and where your debit card takes money from.
Your checking account is where you would have your paycheck directly deposited, and where you would deposit any other checks you received. This is your utilitarian workhorse of an account, where all the activity takes place.
The vast majority of your transactions will be done through your checking account, so it is important to keep careful track of what goes on in this account. Because of the large volume of transactions – debits, pre-authorized debits, checks, bill payments, mortgage payments, transaction charges, account fees, and automatic deposits – it can be easy to miss something that is not supposed to be there. If you make a habit of checking through your transactions once a week or so, you will be more likely to catch any out-of-place transactions, and you can report them to the bank in order to have them corrected as quickly as possible
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