Checking Account

A fuller guide to this term is on the way. In the meantime, the related terms below explain the ideas around it.

Related MoneyPedia terms

• Savings AccountA bank account meant for storing money you don't need right away, usually paying a small amount of interest on the balance.
• Debit CardA card tied to your checking account that pulls money directly from your balance when you pay for something or withdraw cash.
• Direct DepositAn electronic payment, such as a paycheck or benefit, sent straight into your bank account instead of arriving as a paper check.
• OverdraftWhat happens when you spend more than your account holds, leaving a negative balance that the bank may cover for a fee.
• Routing NumberA nine-digit code that identifies your bank so payments and transfers reach the right institution within the United States.
• Online BankingManaging your accounts through a bank's website, letting you check balances, move money, pay bills, and view statements from a browser.

More in Banking

Plain-English education — not personalized legal, tax, or investment advice.