What are the different types of bank accounts available?
The accounts offered by depository institutions generally fall within one of these types: • Checking accounts. With a checking account you write checks to withdraw your deposited funds from the account. Checking accounts provide you with quick, convenient and frequent access to your money. You can make deposits as often as you like. Most institutions provide customers with access to an automated teller machine (ATM) for banking transactions or debits for purchases at stores. Some checking accounts pay interest; others do not. A regular checking account usually called a demand deposit accountdoes not pay interest, while a negotiable order of withdrawal (NOW) accountdoes. Various fees are charged on checking accounts, in addition to the charge for the checks you order. Fees vary among institutions. Some charge a maintenance or flat monthly fee regardless of the balance in your account. Other institutions charge a monthly fee if the minimum balance in your account drops below a certain am
