A checking account is a deposit account designed for frequent transactions. You put money in, you take money out, you pay bills, you receive direct deposits. It is the workhorse of personal finance. Most people use it daily, whether through a debit card, a mobile app, or a paper check.

Checking accounts have features that savings accounts lack. Unlimited withdrawals, a debit card, online bill pay, and often a linked savings account for overdraft protection. They pay little or no interest. The average checking account earns 0.03 percent, according to Bankrate. That is not the point. The point is access and convenience.

Fees are the catch. Monthly maintenance fees average around $15, though many banks waive them if you meet conditions like direct deposit or a minimum balance. Overdraft fees average around $35. ATM fees, foreign transaction fees, and wire fees add up. Some banks, like Ally and Charles Schwab, charge no monthly fees and reimburse ATM fees. Others, particularly large national banks, charge more.

Opening a checking account requires ID, a Social Security number, and sometimes a minimum deposit. Banks run a ChexSystems report, which tracks bounced checks and account closures. A bad report can make it hard to open an account. Second-chance accounts exist for people with troubled banking histories. Everyone needs a checking account. It is the entry point to the financial system.