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Chapter 37. Banking > Checking Accounts

Checking Accounts

The most basic account that every business needs is a checking account. There are several different types available, ranging from the basic checking account with a monthly fee to the money market account. Knowing which account the business qualifies for can help you reduce its monthly fees and even earn interest on its deposit. This is important information to pass on to your employer.

Basic Checking Account

A basic checking account is a convenient way to spend money without making frequent trips to the bank. It also allows you to pay bills through the mail without sending cash; cash should never be sent through the mail. In addition, a basic checking account provides you with a monthly record of the company's transactions, which helps you track income and expenses more easily. Most financial institutions do not pay interest on the money a business keeps in a basic checking account; instead, the banks charge a monthly fee. However, there is usually no minimum balance required to maintain this account.


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