Another name for Checking Account is Current Account, Transaction Account and sometimes it is refer to as Business Account. What is Checking Account? In its simplest explanation, Checking Bank Account is a type of Bank Account that allows its users to deposit and move money anytime.
Unlike Savings Bank account that is meant to save money, Checking Bank Accounts are meant to do transactions. This means that there is a possibility that there will be either a debit or credit transaction that will occur in Checking Bank account everyday.
There are more than one type of Checking Account available worldwide. Checking Bank Account is meant for Business Owners, Traders, Government Workers, CEOs etc. Person without steady flow of income are not advice to get this type of Bank Account.
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Savings Account is cheap to maintain but Checking Bank Accounts are expensive to maintain. The fees charge when using Checking Bank Account include, Debit Card Maintenance Fee, Monthly maintenance fee, Current Account Maintenance (CAM) fee and in some cases Closure fee.
General Features Of A Checking Account(Current Account)
- Most Banks require an opening amount to create your Checking Bank Account( Some checking accounts are free).
- Checking Bank account also have minimum daily balance in some cases(ask your bank for this).
- Different variants of Debit Card based on the customer’s preference(Visa, Mastercard or Velve Card).
- There is usually a monthly account maintenance fee.
- Access to alternate channels e.g. Internet and Mobile banking .
- Allows direct debit instructions into a Target Savings Account / other accounts in the Bank.
- No restriction on number of withdrawals.
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General Benefits Of A Checking Bank Account(Current Accounts)
- You can monitor Checking Bank Account activities at the comfort of home or office through the internet.
- Monitoring of account activities from the comfort of home/office via internet, telephone and mobile banking.
- Third party withdrawals is allowed for Checking Bank Account holders.
- Provides account information updates via SMS/Email alerts
- Access to cash anytime, anywhere with debit cards on ATMs
- Use of Mastercard, Visa and Verve debit cards on POS terminals
- Higher chances of getting loans from the Bank
- No limit to number of withdrawals
- Most Checking Bank Accounts operates on a Zero Account balance. Which means that you can withdraw your money to the last Cent or Kobo
General Requirements To Open A Checking Bank Account(Current Accounts)
- Duly completed account opening form(This can be obtained at the branch of the bank nearest to you).
- A valid means of identification: International Passport, Voter’s Registration Card, Driver’s license, or National ID.
- Your SSN(Social Security number) for United States citizens
- Means of Address verification.
- Recent passport photographs.
- Residence Permit (where applicable).
General Ways To Open Checking Account(Current Accounts)
There are at the least two ways to open this type of Account. First you use the online platform of these Banks to open your account within minutes. You’d be surprise how easy it is to get your Checking Bank Account. Please click any of the links below for s Step by Step guide on how to open a Checking Bank Accounts from the Banks below
United State Banks
Loans, Internet Banking And Mortgage Options
Access Bank Plc
How to Open An Access Bank Account From Home
FirstBank of Nigeria
How To Open A FirstBank Account Within Few Minutes
How to Open A UBA Bank Account From Home Within Minutes
How To Easily Open A Zenith Bank Account From Home
You can also decide to visit the branch of the Bank and open it personally. United States Banks like Wells Fargo, Chase, Bank Of America, CiTi Bank have branches across the United States. While in Nigeria, Access Bank, GTBank, UBA, Zenith Bank and FirstBank of Nigeria also have branches across Nigeria.
A Checking Account will no doubt help you in many ways. Anywhere you are in the world visit a bank close to you and open a Checking Bank account today. Please share our articles on Facebook and Twitter using the share button below.