Personal checking accounts are the main financial instrument. They allow you to more efficiently and securely transfer money to an individual or business when paying in cash is not practical. Account holders write checks payable to the financial institution, payable on demand to the person whose name appears on the check. Checks are often personalized to the account holder. They contain your name, address, bank name, and check number. These numbers represent routing, account, and check numbers.

Benefits of personal checking accounts

A checking account provides many benefits, including the following:

• Paper trail. The check serves as proof of payment. The proof will be useful for tax purposes.

• Compared to cash, checks provide a certain security advantage. Cash payment is not proof of payment and cannot be traced. Also, cash can be easily stolen and spent. It is much more difficult for someone to cash a stolen check.

• Cheaper than money transfers. Using personal checking accounts offers a cheaper option than money orders and cashier’s checks.

• Easy access to funds. Personal checking accounts allow you to access your deposited funds easily. You can write checks, use a debit card, or use online banking to access your money.

• There are no restrictions on transactions. However, personal checking accounts are not subject to federal limits.

How to choose the best checking account

As you begin to explore the different options, you’ll find a wide variety of personal checking accounts to choose from. However, some basic guidelines can help you sort through all of your options.

• Service fee. Many banks charge a monthly maintenance fee, which can vary widely depending on the type of account. Some banks waive this fee if your account meets certain criteria, such as a minimum balance. Some banks may offer free verification of special accounts for students or seniors.

• ATM fee. ATMs are a popular and convenient way to get cash from personal checking accounts. However, you must consider the fees for the use of ATMs.

• Free access. The more free ways to access the money in your checking account, the better. You should consider a personal checking account that offers internet and telephone access. It is also essential to access customer service staff by phone, email, or in person at the branch.

Summary

Personal checking accounts come in all shapes and sizes. And banks are always looking for ways to improve customer service and reach more customers with innovative products. As such, it is important to periodically evaluate your validation solution to ensure that it continues to meet your requirements to the best of its ability.