People can deposit money in accounts {checking account}| at banks, savings and loans, or credit unions receive money, which depositor can withdraw by writing personal checks. Checking accounts are demand deposits for writing checks. Bank promises to pay any person holding check drawn on that account. Bank is debtor. Person is creditor. Bank has legal title to money.
types
Checking accounts {joint account} can have more than one person that can write checks. If one person dies, others still can use account. Checking accounts can pay interest.
fee
Checking accounts typically cost money {service charge}, paid by month or per check. Banks can waive service charges, if a minimum amount is in checking account.
check-writer death
Death of check writer does not void a check. Banks can honor any check up to ten days after death notification.
check error
Banks are not liable for alterations to checks or wrongful endorsements, unless banking standards are negligent. Negligence of check owner typically causes alterations and wrongful endorsements: for example, someone uses a company-endorsement stamp or leaves blank or signed checks available to others.
Practical Affairs>Financial Affairs>Banking>Checking
7-Financial Affairs-Banking-Checking
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Date Modified: 2022.0224