Checking Accounts Checks Free Money Offer Minimum Balance

U.S. banks offer many types of "checking accounts" where people can keep their money and make payments easily. A "free checking account" is one that doesn't charge any fees for "account maintenance" (keeping an account open), "check-printing services" (the creation of checks with one's name and account number), or withdrawals. However, free checking accounts often have a minimum balance requirement and usually charge fees for overdrafts, so it is important to read all the fine print before opening an account.

Many banks offer special accounts for students or "seniors" (people who are older than 55, 60, or 65). These are usually free checking accounts that offer additional free services, such as free ATM withdrawals or free "traveler's checks" (pieces of paper used to get cash while traveling, for greater security).

A "joint checking account" has two or more "accountholders" (the people who own an account). It is common for a married couple to have a joint checking account for all the "household expenses" (costs of running a home).

An "interest-bearing account" usually has a high minimum balance requirement, but the bank pays "interest" (a percentage of the balance is paid out each month) to the accountholder. This interest rate is usually much lower than other "investment options" (places where one can put money to make more money), but it also has much lower "risk" (the likelihood of losing money).

A "money market account" is like an interest-bearing account, but it has a "slightly" (a little bit) higher interest rate, a higher minimum balance, and "restrictions" (limitations) on how many checks the accountholder can write each month. Most money market accounts allow the account holder to write only three to five checks each month.