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A checking account is a bank account that allows the depositor to withdaw funds simply by writing a check. Checking accounts are primarily used to deposit and withdraw money that is used on a short-term basis to pay bills and to withdraw funds for day-to-day use. Checking accounts are not meant to be savings vehicles and thus usually offer no or very low interest rates. When deciding on a checking account, you should consider factors such as minimum balance requirements, monthly maintenance fees, teller transaction fees, the availability of online and telephone banking, and whether the account comes with a debit/check card.
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