Checking Account Types

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What are the different checking account types?

Checking Account Types

Before you can accurately analyze the results of your bank account comparisons you need to understand the type of accounts you are comparing and the type (or types) of accounts that will best satisfy your individual checking account needs.

Here is a brief overview of some of the different types of checking accounts available to you:

  • Personal checking account: A personal account is one that you use for your personal expenses. This would be for bills, personal shopping purchases, and personal services.
  • Individual checking account : An individual account is one that is in the name of only one person. That means only that person is authorized to conduct transactions in the account.
  • Joint checking account : A joint account is one that is in the name of two people so that each is authorized to complete transactions in the account. Accounts are usually set up so that either one or the other account holder can conduct most transactions and both do not have to sign off.
  • Business account checking account : A business account is one that is for business entities like S corporations, C corporations, sole proprietorships, and other business entities.

   

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