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Personal CheckingA personal checking account is the financial hub that many people use to receive income, pay bills, and make everyday purchases. More than 96% of US households have one, with a 2022 median balance of about $2.8K. These liquid accounts are designed for frequent use and immediate access, trading the higher interest earnings of savings accounts for convenience.
Technically, a checking account is a demand deposit: money held by a bank but available on request through checks, debit cards, transfers, and ATMs. Deposits have been insured by the Federal Deposit Insurance Corporation since the Great Depression (up to $250K per depositor today).
Checking accounts emerged in medieval and early modern Eurasia to transfer funds safely without transporting bulky coin or bullion. Handwritten IOUs evolved into bank-issued checks in the 18th century, and by the 1850s, clearinghouses arose to handle the surge in paper checks. Bank computerization and automated clearinghouses catalyzed the adoption of payroll direct deposit in the late 20th century, making checking accounts nearly universal. In the 2000s, digital imaging laws enabled mobile check deposit, accelerating the shift toward electronic payments.
Today, personal checking accounts connect customers to payment networks and form part of the roughly $17T in US bank deposits that support banks' balance sheets and lending activity.Explore Personal Checking
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The Oscars considered the use of computer-assisted special effects in 'Tron' unfairThe 1982 film relied heavily on computer animation, so much so that the Academy Awards disqualified the film from its special effects category because they considered the computer-assisted graphics "cheating." the GuardianA 2024 cheating scandal cast doubt on the industryIn 2024, National Fantasy Football Championship, a fantasy league with big payouts, fired one of its employees for manipulating data. The episode cast doubt on the relatively unregulated industry, despite the league coming down hard on the nefarious worker. NBC News
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