What is a checking account?

April 24th, 2006

A checking account is a demand deposit account held by a customer at a bank, credit union, or savings and loan association. Money that is deposited into a checking account can be accessed by writing a check against the deposits without any prior notice to the institution holding the account. Cash can also be withdrawn directly or easily transferred into a another account. Many checking accounts include an ATM or debit card. A checking account generally has very low or no interest accumulation and may have fees associated with it.
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What is a savings account?

April 22nd, 2006

A savings account is a “near cash” account held by a customer at a bank, credit union, or savings and loan association. Money that is deposited into a savings account can not be accessed directly, but can be withdrawn for cash or easily transferred into a checking account where it can be accessed directly. A savings account is a good place to earn a little bit of extra interest over a checking account without losing the convenience of having liquid assets that can be accessed quickly and on demand.
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What is…? Articles (Master List)

April 22nd, 2006

Here at Financial Moxie, we are going to provide articles to you about what different terms that you are likely to encounter in personal finance mean because it is important to have a basic understanding of what you are reading. Some of these articles that we will write for you will be very basic, and some may touch on terms that you are not as familiar with. As these articles are written, they will be linked to from this one central place.
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