Checking Account (Type 1) It can be accessed through checks and debit card (ATM). It may or may not pay interest. Low fees are available at all depository institutions. Its another name is demand deposit.
Types of Checking Accounts Interest-earning checking account (also called negotiable order of withdrawal or NOW). Tiered interest. Lifeline banking account.
Minimum Balance Requirements Most of the accounts have a minimum-balance requirement. Usually, interest earned is not paid for a month when the account falls below the minimum. No minimum-balance requirement is preferable.