Current Account Convenience If you have a current or checking account, you can write checks to pay bills without having to go to the financial institution or post office to buy a money order or cashier's check.  You can also set up some amounts for recurring bills (such as rent or mortgage or a car payment) to be automatically withdrawn (debited) from your account, so that you don't even have to write checks for those. You can also have an ATM card attached to your account which you can use for cash withdrawal.  Your ATM card may even have a debit function which allows you to use it also for point-of-sale purchases at merchants. Read more Debit Cards Record Keeping The bank may send you an easy-to-read monthly statement detailing all the transactions made against your account, whether in checks or automatic periodic payments. Saving Money Checking accounts typically require you to pay a certain fee per month.  Some financial institutions offer free checking, and others offer free checking if a minimum balance is maintained.  Even with a fee, this is cheaper than paying for each money order or cashier's check. Shopping Around for a Current Account There are many differences between financial institutions and the services they offer, including the specifics of current accounts. Here are some things to consider when shopping for a current account : Location •  Availability of ATMs •  Branch offices •  Hours of operation Interest •  Rate earned, if any •  Minimum deposit requirement •  Compounding method         Fees •  Monthly fees (Minimum   balance requirement) •  Per check fees •  Balance inquiry fees •  ATM fees Restrictions •  Minimum balance •  Deposit insurance •  Holding period for deposited checks         Other Charges •  Overdraft charges •  Stop-payment fees •  Certified check fees Special Features •  Direct deposit •  Automatic payments •  Overdraft protection •  Online banking •  Discounts or free checking for    students, seniors or certain    companies “Bad” Checks When you issue a check where the check amount exceeds the amount you have in your current account or when you issue a check from an account that has been closed, it is classified as a "bad" check. In Malaysia, an account holder who issues three "bad" checks over a 12-month period will not be allowed to operate a current account between six to 24 months depending on the severity of the offence.  This is known as the prohibition period which is six months for a first offender.  At the end of the prohibition period, you will be subject to a probation period, usually between two and three years, which commences immediately after the prohibition period.  If you issue another "bad" check during the probation period, it will result in your prohibition period being extended to 12 months and subsequently to 24 months if you continue issuing "bad" checks. Back to Top | Next (Savings account)