Question

why people have checking accounts? list the advantages of writing checks rather than carrying cash to make purchases and payments.

if you lose your checkbook and a check is forged in your name are you liable?

name five financial institutions in your area that provide checking services (banks, savings, and loans, credit unions, brokerage houses, and so on)

Answer 1

Checking Account is a facility provided by banks and financial institutions to the customers where they can keep safe their funds and avoid the losses from fire and theft. money is checking account is as liquid as cash in hand. it is avantegeous to writting checks for pruchase and payment because it provides safer mode of payment, keep the record of payment and it provide the bank and customer float which provide few days more time to make payment.

if you lose your checkbook and a check is forged in your name then you would not be liable for the fraud and not liable to pay for losses. once the forgery is reported, the bank who has accepted the check would be liable to cover the loss of the client.

Banks that provide checking facilities are State bank of India, Punjab national Bank, Bank of Baroda, HDFC bank and ICICI bank