What are the different types of bank accounts ?
Current or Checking Account: If you have a current or checking account, you can write checks to pay bills without having to go to the financial institution or post office to buy a money order or cashier’s check. You can also set up some amounts for recurring bills (such as rent or mortgage or a car payment) to be automatically withdrawn (debited) from your account, so that you don’t even have to write checks for those. You can also have an ATM card attached to your account which you can use for cash withdrawal. Your ATM card may even have a debit function which allows you to use it also for point-of-sale purchases at merchants. Savings Account: A savings account is an interest-bearing deposit account with no stated maturity, as opposed to time deposit. You can withdraw or deposit funds into your savings account any time. It pays daily interest on your balance and is normally credited to your account every month. You can choose to receive an account statement or a passbook to keep track
