A checking account provides you with a secure place to store your money and also makes it easy for you to access it to make monthly payments. You can access your funds in a checking account using your debit card, an ATM, or checks. Read on to know more about checking accounts.

Types of checking accounts
There are five types of checking accounts:

• Traditional checking account
  Once you open a traditional checking account, you can access your funds with checks, a debit card, and using the ATM. You can also visit a bank to access the money in your account.
• Online checking account
  This account provides only digital services, which means you get a debit card number to make online payments. You can access your account, pay bills, and transfer money from any part of the world as long as you have a smartphone or computer and an internet connection.
• Joint checking account
  This account has more than one account holder who can deposit or withdraw cash. This is a good option for couples, parents and their teenagers, and adults assisting their aging parents. An advantage of having a joint checking account is that each account holder is insured up to $250,000 by FDIC or NCUA insurance coverage.
• Checking account for kids
  Some bank accounts are made especially for kids and come with features like text alerts for specific transactions, customizable saving goals, and budgeting and balance-tracking features for basic financial education. These accounts can have parents or guardians as joint account holders.
• Business checking account
  This type of checking account is specifically made for a business, allowing you to keep your business finances and personal money separate. A major difference is that most personal checking accounts are either free or have easily waivable fees, while business checking accounts mostly have associated fees.

Benefits of a checking account
There are several benefits of depositing your money in a checking account. Let’s take a look at a few:

• FDIC insurance
  If you are saving your money in a jar or under your mattress, you must be having some security concerns. It is best to deposit your money in a checking account with an FDIC-insured bank to keep it safe and easily accessible for your daily needs.
• Easy access
  There is no limit on how much money you can take out or how often you can withdraw from your checking account. You can make withdrawals by visiting a bank, making an online transfer, or simply using an ATM.
• Debit card access
  When you open a checking account, you get a debit card for making payments. This plastic card is an excellent and convenient alternative to carrying cash. Using a debit card is fairly simple—just tap or insert the card into the card reader, and the payment will be made. You can also use your debit card for making online payments.
• Keep track of your spendings
  It is hard to keep track of cash payments. A checking account can help you overcome this as it maintains a record of all transactions. You can find accurate details about your deposits and withdrawals with the exact date and time.
• Keep your money safe
  The problem with carrying cash is that you are never getting it back if you lose it. That said, if you have a checking account and lose your debit card, you have the option to block it to prevent any fraudulent transactions and apply for a new card.
• Direct deposit
  Those days are gone where you had to carry a check or cash to your bank if you wanted to deposit money. With a checking account, you can ask your employee to make a direct deposit into your account. Direct deposits are quick and convenient.