Types of Checking Accounts.
1、Personal checking account
The most basic checking account, core checking account, is also called personal checking account. This is the most basic account that we foreigners open in the U.S. It is also the account that every U.S. citizen or resident has.
2、Interest checking account.
This type of account is actually a hybrid of a personal checking account (i.e. core checking) and a savings account, which allows the account holder to easily use the cash in the account, such as writing checks or swiping cards and ATM cash withdrawals, and to earn some interest like a savings account.
3、Student account
As a student account as long as the account holder is a student in school there will be special benefits such as waiving the account management fee, students can only open the first type of checking account that is CORE checking account.
4, public account, that is, the company account.
For checking accounts, most of the mainland friends more or contact the first two checking accounts.
Some friends have to ask, what is the difference between these two are checking accounts.
If you just want to access your money conveniently and have a limited amount of money on your books, opening a basic checking account is fine.
If you have a higher amount of money in your account and want to use it conveniently and get some interest, then open an interest checking account.
Savings account checking account
Savings accounts are relatively simple. Banks in the United States encourage people to open savings accounts so that they can use the money for investment and lending.
So the savings account will have one more feature than the checking account, namely, if your card is stolen or lost, other people can only use the money in your checking account. This includes the fact that if your checkbook is stolen by someone else, you can only spend the money in your checking account.
The money in your savings account is untouchable. As mentioned earlier if you use the money in your savings account, you can either transfer it from your savings account to your checking account or you can take it directly at the counter.
Transferring money from a savings account to a checking account is done using online banking or a mobile banking app. There is no way the person who stole your card can do this. And if you withdraw money at the bank counter or atm you need to enter your cash withdrawal code, and there is no way the person who stole your card would know that.
So, this is where savings accounts are superior to checking accounts. However, according to statistics, ninety percent of Americans have a checking account, but only thirty percent have a savings account.
Checkbooks and Credit Cards
There has been talk of checking accounts, which correspond to a checkbook, and it is very common to write personal checks in the United States. That is, paying the other person by check from the checking account, such as when we make a purchase or pay the other person for personal reasons.
Then the checkbook needs to be purchased additionally, this is of little use to foreign visitors who do not live in the US.
A successful account opening will result in a 10-digit checking account. This 10-digit number is the checking account account number and will be printed on each check in the checkbook. At the same time, the account manager will give you a temporary bank card on the spot and the official card will be sent to your U.S. address after a few subsequent business days. Activating your new card can be done at an ATM or on the mobile banking app.
Translated with www.DeepL.com/Translator (free version)
