Aka transactional/ current account. A checking account allows bank customers to write checks - so it can be used as money. It does yields much less interest than savings account - often nothing.
Check redemption
The person to whom the check is presented can redeem it for cash at his bank, which communicates with the issuers bank to get money from the issuer’s account. If the issuer’s account lacks sufficient funds, a penalty is imposed to discourage such irresponsibility.
Reversal/ availability
The payer’s bank also has the right to reverse the transfer within a few days (5 in USA) - so funds may not be immediately available for withdrawal.
Also, one can refuse/ stop payment in case of a dispute between the payee and the payer.
Fee avoidance conditions
Chase: avg daily balance of 1500, no interest. BoA campusEdge: free, no interest. BoA MyAccess: avg daily balance of 1500, no interest. UFCU: Free, no interest.
Ally checking: free checks, .5% interest, no min balance, refunds ATM charges; bill pay reportedly unreliable. Morril Janes: 1.5%, min 1500.