4/24/2017

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Checking Accounts
by John M. Roberts

Checking Accounts are depository accounts set up in banks, credit unions, savings and loan associations, and other institutions that give the account holder the means to pay bills, make purchases, and write checks for other things easily and without the need for carrying large amounts of money all the time.

With a checking account, all you need is a pen and a check book and you are on your way. Checks are not exactly legal tender or actual money, but they are used and accepted as such.

The great thing about a checking account is that you get to write the checks from your own checkbook and you get to balance your own account as you write the checks. Most people feel a sense of security knowing exactly how much money they have in their checking account and writing checks accordingly.

The person to whom the check is written is called a holder in due course. A holder is due course is a person who holds a check or other negotiable instrument without prior knowledge of a defect in it's ability to be cashed or if there is a claim against it. A check may also be endorsed over to a third party and that party then becomes the holder in due course.

Online banking has become the new wave of the present and the future and many people believe that we are heading towards the day when checks are going to become obsolete and we will become a checkless society.

The main reason that writing checks may become obsolete is because of the internet. You can shop online, do your banking online, and pay your bills online. With such easy access to your money, it is no wonder that people don't have to leave home to pay bills, shop, or be entertained.

A checkless society may be in the making, but a lot of people still feel secure paying their bills and making purchases with checks because they have not totally embraced the age of electronic banking, although most major banks and many smaller ones offer debit cards to anyone starting a checking or savings account.

Depending on the bank, checking accounts may be opened with a minimum amount of money deposited at the initial opening and there may or may not be monthly maintenance fees. All banks offer similar but varied services so shop around for the ones that work best for you.

College students can benefit from some of the best student checking accounts which are specially tailored to meet the needs of today's students during their college years.

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