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Everyday Money

Checking Account

Also called: transaction account, chequing account

A checking account is the account money flows through — salary in, bills and card payments out — designed for access rather than return. Interest is usually negligible or zero, which is the point: it should hold roughly one month of expenses plus a buffer, with the rest sitting somewhere that actually pays. The fees to watch are monthly maintenance (usually waivable by direct deposit or a minimum balance), overdraft charges, and out-of-network ATM fees.

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