What "checking account" means in finance

A checking account is a bank account that allows the account holder to deposit and withdraw funds, usually using checks, debit cards, or electronic transfers. It is typically used for everyday transactions such as paying bills, making purchases, and receiving paychecks. Checking accounts often have low or no interest rates and may charge fees for certain transactions or for maintaining a low balance. They are commonly offered by banks, credit unions, and other financial institutions.