A checking account is a type of bank account that allows you to deposit and withdraw money on a frequent basis, usually using checks, debit cards, or online transfers. Checking accounts are typically used for everyday transactions, such as paying bills, making purchases, and withdrawing cash from ATMs.
With a checking account, you can write checks to pay for goods and services, transfer money electronically, or use a debit card to make purchases. Many checking accounts also offer online banking services, which allow you to manage your account, pay bills, and transfer money from your computer or mobile device.
Some checking accounts may charge fees, such as monthly maintenance fees or overdraft fees if you spend more than what is in your account. However, there are many free checking accounts available, especially at online banks or credit unions.
Overall, a checking account is a convenient and essential tool for managing your daily finances and transactions.
Security Bank (Tagum City) allows residents, non-residents, and resident aliens to open a checking account in Tagum City with an opening balance of as low as 5,000 pesos using one (1) valid identification card. The bank’s checking account comes with a passbook, checkbook, EMV Mastercard Debit Card, and free life insurance that covers three (3) times your average daily balance up to 3 million pesos. To earn interest on your account, a minimum balance of 100,000 pesos is required, and the interest rate is 0.0675% per annum. You must also maintain a balance of at least 25,000 pesos.