Checkable deposit
A
Checking Account is a demand deposit account, withdrawals from which may be made by a written, negotiable instrument.
Features of Checking account:
* Quick, convenient and, frequent-access to the
money* Checks are used to withdraw money, pay bills, purchasing,
money transfer to another accounts and many other common usage.
* Some banks pay
interest while many do not
* Institutions may impose fees on checking accounts, besides a charge for the checks ordered
Any combination of the following three ways can be used by the banks:
* Flat fee regardless of the balance maintained or number of transactions.
* Additional fee if average balance goes down below a specified amount.
* A fee for every transaction conducted.
Checkable deposits includes
demand deposits,
automatic transfer service account,
Negotiable Order of Withdrawal account, and other deposits on which a
check may be drawn.
*
Deposit account*
Savings deposit*
Money supply*
Data on OCD Sweep Account Programs from the
Federal Reserve Bank of St Louis
