Who Wants a Free Internet Checking Account?

Before dealing with the concept of a free internet checking account, it is worthwhile to discuss what a traditional checking account is, for the benefit of those who are unfamiliar with it.

The mention of the term “checking account” without any qualification is understood to mean a traditional one. If it is non-traditional, the term is automatically preceded by a qualifying word, for instance: free internet checking account.

A checking account refers to a cash deposit with a bank which can be withdrawn by means of issuing an official paper document called a “check.” A check is a business form officially recognized by the government as a valid means of payment for a financial transaction.

The bits of information contained in a check are: name of the depository bank, issue date, name of payee, amount paid in words and figures, and the signature of the person issuing it.

The common alternative to a checking account is a savings account. In a modern day savings account, funds deposited with the bank are withdrawn by means of an automatic teller machine (ATM) card. In most cases a savings account is intended for personal expenses of relatively minor significance.

For business use, the preferred type of bank deposit account is a checking account. This account makes it easy to verify the essential details of a payment, making it suitable for financial record keeping.  It also eliminates the need to carry around hard cash to buy goods and services.

Regardless of the type of account, the depository bank always requires positive identification of the person who makes a deposit. This means presentation of one or more valid identification documents like social security card, driver’s license, or passport.

The bank also requires submission of a set of specimen signatures (for example, 3 signatures) which must be written on an official form in the presence of a bank staff member. The bank uses the signatures — and their natural variations — for verifying the authenticity of a withdrawal later on.

The bank is strict in having these basic requirements complied with because handling money transactions is very serious business. One mistake, like paying to the wrong person, could mean financial loss as well as embarrassment to the bank.

Now back to the concept of an “internet checking account”.  It is an account that has all the features of a checking account described earlier, but uses an electronic version of the paper check to make it compatible with the electronic nature of data transmitted over the Internet.

Every man and woman who is familiar with checking accounts and the convenience and speed of transaction processing using the Internet would want to use a free internet checking account if the service is available.

There are many online services that will allow you to open up a free internet checking account.