Explain the differences between a checking account and a credit card account Include at least two fees associated with each type of account?

Answer 1

Pretty Simple, here goes, - 1. Money you have in checking account is yours, money in a credit card is the bank's which they allow you to use. 2.If you use a credit card there's a very good chance you miss a payment and everything goes downhill from there...no such thing with a checking account. 3. Basically you can use the the money in a checking account without any equivocations because you earned it, Money on a credit card is just something extra, an unsecured loan and you don't need that. 4. Credit cards have overlimit fees, late fees, returned check fees, annual fees etc... Checking accounts have Overdraft fees, check returned fees, Stop payment fees etc..

Answer 2

A checking account is a bank account used for everyday transactions, like depositing and withdrawing money, paying bills, and making purchases with a debit card. It typically has no annual fees, but may have fees for overdrafts or using ATMs from other banks.

A credit card account, on the other hand, is a line of credit that allows you to borrow money for purchases. You need to repay the borrowed amount with interest. Credit cards often have annual fees and fees for late payments or cash advances.