Why You Need to hold a CHECKING ACCOUNT ? Must know basics.

March 10, 2010 - PRLog -- Having a good cash balance in bank is good but it is not a wiser option to always carry a bulged wallet. You would be the best person to assess how safe is your cash when carried. Banks really worry about your bulged wallet and have come up with an easing option. They collect the money in form of checking accounts and provide you with a simple debit card and a checkbook.

So you have a card, unique account number and check book in place of cash. Do you realize how safe it is to just carry a card in hand ? You will start realizing when u start using checking accounts.

So what are checking accounts ?  Checking accounts are accounts where you are sure to NOT get high returns :) . Ok, then why you should open an account that is not going to pay you a cent. Answer is, checking accounts are not meant for returns but are meant for transactions. This could help you with quicker and easier online transactions wherever possible. Other than being a transaction accelerator checking accounts don't really have a purpose. At times some banks do give some thing to enjoy. Yes, they give some decent returns as listed out on http://www.bestsavingsaccountrates.net/checking-account-r... .

However there is a hidden benefit with checking accounts. Say if you have 1000$ in balance but have issued a check for 1100$. Do you think bank would blatantly return the check just to bring about a black mark in your credit history ? No, most banks don't do that way. They are smart enough to transfer extra money from its inventory but sure to collect it from you later. However you are benefited by the timely credit by bank. But, be cautious with overdraft protection. Banks have a tolerance limit beyond which you are inviting a black mark in credit history.

To conclude, checking accounts with the major benefit of easy and quicker transactions are the best type of online savings accounts. General information on online savings accounts can be found under http://www.bestsavingsaccountrates.net/checking-account-rates .