Different Types of Checking Accounts

Banks offer a variety of checking accounts to suit the needs of its members. Each type of checking account is subject to the bank's requirements, fees and benefits, but there are general guidelines.

Personal

Personal checking accounts generally fall under two categories: basic and free. Basic checking accounts have limits on the number of checks that can be written per month and can charge a monthly maintenance fee, while free checking accounts have no limits on checks written or any additional fees.

Joint

Joint checking accounts are shared by two people, such as spouses or roommates. They are generally used for household or shared expenses.

Student

Student checking accounts are offered by banks to high school or college students with incentives, such as higher interest rates or free checks.

Second Chance

Second-chance checking accounts are for those with bad credit who cannot obtain checking accounts elsewhere. Depending on the bank offering the account, an account holder may have to pay a monthly membership fee or keep a minimum balance.

Small Business

Small business checking accounts are for small business owners to pay expenses. To qualify for a small business checking account, a bank will set a limit of monthly transactions, such as less than 200, that will save the account holder from any monthly fees.

References

• Bankrate.com

Resources

• Consumer Debit Resource