How Do Checking Accounts Work?

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Checking accounts allow people to deposit money and pay bills in a way that keeps a permanent record of transactions. Keep track of checking account transactions with a ledger using advice from a registered financial consultant in this free video on checking accounts.

Part of the Video Series: Money Management
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Video Transcript

This is financial adviser Patrick Munro talking about, "How do checking accounts work?" When an individual sets out in life to pay their bills... no one pays bills by cash anymore. The best way to do... monitoring bills and also having a permanent record of the bills that you are paying is to have a checking account. It has your name, your address, and you write the amount of the check to the vendor that you have a bill with and fill that amount in along with the appropriate date and mail it away. That client will then pay, or present the check to the bank for payment on his or her bill. You must keep track of your checking account with a ledger with the amount of money that you have in the account relative to the amount of money that you paid out in checks. A checking account is a very useful tool and some banks will charge a fee to have a checking account. So when you are shopping for one, make sure that you find a bank that... will sometimes give you free checking. And banks are very competitive in order to take in your deposits. The higher the amount of a deposit of your checking account, the better your overall fee structure will be. This is Patrick Munro talking about the way checking accounts work.

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