Definition of a Checking Account, Functions, and How to Apply for it

checking account

Some of you must have seen or heard of the term checking account-related to banking. A checking account may be requested by the company where you work or for the requirements of getting a visa abroad.
What exactly is the purpose and benefit of a checking account? How do I apply at the bank? Come on, see the explanation.

Definition of Checking Account

The definition of a checking account is a summary of financial transactions as a whole from an account, it can be an account belonging to an individual or an account belonging to a business entity. The data attached to a printed checking account are details of debit and credit flows, including the funds from incoming or outgoing transfers.
Before current technological developments, customers used to only be able to check all details of their account transaction data from a checking account. The provisions or systems regarding printing or notification of checking accounts at each bank may vary.
Some regularly give or send it to customers even though they are not asked, but some customers have to go through the submission process first before getting it. Sometimes the submission process has to wait sometime. Because bank customer service usually asks for prior approval from senior bank officials or their superiors.
But now, customers can access financial transactions with an online system. Customers can view the entire list of transactions to account mutations via the mobile application, bank website, or through an ATM. Even though the request to print a checking account has started to recede, there are still some who need it. Because the checking account has many uses for customers. What are they?

The Usefulness of the Current Account

1. Apply for a Visa

If you want a vacation or work abroad, some countries require you to have a visa. At this time the checking account has a role. When you want to apply for a visa, you must be able to prove that you have sufficient funds so that you do not hang around in the destination country.

Usually, the requirements requested include various documents that are considered to be able to provide information and describe their financial conditions and a list of transaction history for 3 or The last 6 months you can get from a checking account printing.

2. Knowing the summary of transactions

The function of a checking account is the same as a savings book, which shows transactions that have occurred during a certain period (generally 3 months). Information contained in the checking account regarding the amount of the beginning-end of the month balance, debit-credit flows, bank interest, and administrative costs. A checking account has the advantage, which is not only to include the date, time like in a passbook, but also the message that is included when the transaction is made and other details.

3. Becoming Legal Evidence

True, a checking account can be valid legal evidence if at any time you are involved in a dispute with another party related to account mutation. For example, when you are sure that you have sent a certain amount of money to pay for an order at an online shop, but the seller has not yet sent money in the name of your account, so your order cannot be processed. Then the checking account can prove it.

4. Apply for a loan

If you need funds and want to apply for credit or loans through banks, surely the bank will ask for records of the financial transaction history. For example, a photocopy of a bank statement sheet is issued.
A checking account can also be used as a supporting document when you submit or make certain applications (generally for financial matters) to provide evidence that there is a healthy financial flow in your account. This becomes mandatory if you are not an employee of the company.

5. Participate in the auction

For those of you who are interested in joining the auction, you will also be asked for your checking account. Especially the auction of private or government-owned projects. The auction participant is required to provide proof of ownership of funds by showing the total balance in his account. Don't forget to attach a checking account in the auction requirements document.

6. Corporate Financial Audit

As a company, a checking account is very important. The function of this company's checking account is to recap the financial list, both incoming and outgoing transactions. So if there is something unusual about the company's account transaction, it can be processed immediately.

How to Apply for a Checking Account

Printing accounts may only take a little time, even in a matter of minutes. To apply for a checking account, you can visit the nearest bank branch office. If you are lucky and the top bank officials are in place, customer service can get your checking account out in no time.
Generally in issuance, it requires the signature of a senior bank official. You need to remember if this document cannot be accessed online, because usually, a checking account requires a stamp or stamp or legalization from the bank concerned.

Requirements for obtaining a checking account:

1. Original Savings Book

To print a checking account, the customer must come in person with the original savings book. Tell the customer service officer that you want to print a checking account and its purpose by submitting the original passbook.

2. Identity Card

The bank clerk will then ask for your identity card to match your identity with your passbook.

3. Debit Card

Other requirements for a debit card. Customer service will ask customers to show debit cards as proof of ownership of bank accounts and customers. Don't forget to bring your debit card when you want to print a checking account because if you bring it, the clerk will not be able to process your application to print a checking account.

4. Printing Costs

Current account printing costs vary depending on the policies of each bank.

Fulfill the Conditions, Get the Benefits

If you need a checking account, just come to the nearest bank. Don't forget to bring the terms above if you don't want to go back and forth managing a checking account. If a checking account has been obtained, then you can use it as needed. Good luck.

1 Response to "Definition of a Checking Account, Functions, and How to Apply for it"

  1. I wanted to thank you for this great read!! I definitely enjoying every little bit of it I have you bookmarked to check out new stuff you post. Online BO Account Opening in Bangladesh


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