A checking account is a kind of bank account which is meant to make funds available any time the account owner needs access to it - on demand. It is a deposit account which differs from a savings account mainly because a checking account is not kept for the purpose of accumulating money and earning interest. A checking account is also called a current account or demand account.
Specific rules and regulations regarding checking accounts will vary from one bank to another, but in general, anyone with a checking account will be able to deposit and withdraw money via personal checks and the ATM. Checking accounts can be opened and maintained by individuals or businesses, and practically any kind of bank will have provisions for checking accounts. In most cases, however, the minimum maintaining balance for a checking account is higher than for a savings account.
It is imperative that there is always enough funds in the checking account to cover any checks that are issued. If one issues a check and there is not enough money in the account to cover the amount in the check, the issuer will have to face various charges and fees, which are oftentimes very costly. Some small banks will verify with the issuer before cashing a check, but this is not always the case. Hence, it really is important that one keeps tabs on issued checks and available funds very closely.
Each checkbook comes with records wherein you can write down details such as check number, date issued, amount issued, deposits, and so on. You can use this to track your account transactions. You can also request statements from your bank periodically. Alternatively, you can check your account status using the ATM.