What are the purposes of a checking account?

Answer 1

The purpose of a checking account statement, or any type of account statement for that matter, is to keep track of your account and make sure that no fraudulent activity is happening without your knowledge. Better to be safe than sorry!

Answer 2

For people with bad credit, their checking accounts allow them to write checks since their bad credit history may prevent them from having credit cards. Their checking accounts is like their second chance.

Answer 3

A checking account is one in which you keep a certain amount of money and use it for your regular day to day transactions. For ex: to pay your phone bill, to pay for your groceries etc. Banks usually do not give you a significant interest on your deposit in this account because of the liquid nature of the account and because you can withdraw your funds anytime you want.

Answer 4

A checking account is a basic type of account where you can keep your money and use it as and when you like. Having a checking account is good because:

1. You can save your surplus cash in the account for your future needs
2. You get an ATM/Debit card that you can use for shopping
3. You get a check book that you can use to pay off people money that you owe them

Answer 5

Having a checking account is good because:

1. You can save your surplus cash in the account for your future needs
2. You get an ATM/Debit card that you can use for shopping
3. You get a check book that you can use to pay off people money that you owe them

Answer 6

In order to keep an accurate eye on one's finances, balancing and monitoring one's checking account helps out a great deal. It displays any irregularities and insures that you don't write a check that exceeds your account balance.

Answer 7

The purpose of a checking account verification is to ensure that you live at the address mentioned during the application and that all your documents check out.