Question

(a) Explain what a checking account transfer is and (b) explain how it helps you save.

Answer 1

Answers with Explanation:

1. A checking account transfer means that you are moving your money from your checking account to another bank account. This bank account could be yours or another person's. It is often done online.

2. A "checking account" allows a person to automatically transfer his money to his savings account on a regular basis or on a schedule. For example, a person has funds sitting on his checking account, some of these funds will be automatically transferred to his savings account. This gives him no excuses not to save money. Setting this up is conveniently done during paydays but may also be done on other days.