It's an account with a financial institution, like a bank or credit union, that lets you deposit money and access it in various ways to help you manage your day-to-day financial life. Checking accounts typically let you make transactions by check, ATM withdrawal, online and mobile transfers, and other ways.
A checking account is typically used to deposit, hold, and access money needed for daily and recurring expenses. So, for example, a monthly paycheck is deposited, and portions of that money are accessed via check, ATM, debit transactions, etc., to pay for groceries, rent, bills, and other living expenses. By contrast, savings accounts are for holding money that you want to grow over time with interest. Accordingly, savings accounts may limit the number of withdrawals you can make each month; checking accounts don't typically limit the number of transactions.
Basic checking accounts are the simplest type of checking account. They generally let you write checks, access cash from an ATM, and perform other basic banking services. However, these accounts aren't necessarily free. There may be maintenance or other fees, and you may need to maintain a minimum balance or sign up for direct deposit to qualify. Affinity doesn't really offer a basic checking account; our simplest account – the Cash back Debit Account – has value-added features like a 1% cash-back debit card and advanced mobile banking capabilities with no fee requirements if you opt for eStatements. Accountholders who want to receive paper statements are charged $2 per month
A checking account lets its owner(s) deposit and hold funds that can be withdrawn in many ways, including by check, electronic transfer/wire, and via a debit card linked to the account. However, a debit card doesn't have to be linked to a checking account. Pre-paid debit cards can be "loaded" with money (like a gift card) which can be withdrawn at an ATM or used to purchase things wherever debit cards are accepted.