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** This lesson is generated with AI assistance and approved by Danny Nelson. This lesson will communicate the essence of the topic for now until Danny can create a full lesson. **
A checking account is a type of deposit account offered by banks and credit unions that allows individuals to store money and access it easily for daily transactions.
It typically comes with tools like debit cards, checks, and online banking for making payments, transfers, and withdrawals without restrictions on frequency.
Many checking accounts do not earn interest or offer very low rates, focusing instead on liquidity and convenience rather than growth.
Overdraft protection and direct deposit features are common, helping users manage cash flow and avoid fees for insufficient funds.
Unlike savings accounts, checking accounts are designed for frequent use, making them essential for handling deposits, bills, and everyday expenses.