Banking in USA
The United States money and banking system is much vast than any other country. Your bank account is not only cash collector for you. US banking system added stuffs in that and provide you a variety of monetary services like paying utility bills, transfer cash, online shopping, payments through credit cards etc. If you really a newbie to USA, you must go through a wide cap info to access easily your financial needs.
American banking system is regulated by both state and federal government. They divide different types of banking needs in verity of banking services:
Checking account is most usually used for paying bills. When you open an account, concerned bank give you an initial cheque book with your name and address printed on it. You may use these cheques to pay your bills. Your bank may charge some monthly or annual fees for their checking account service.
Saving account is just a regular account in which you save your money and your bank may give you some interest on that.
CDs or Certificates of Deposits
They are just like fixed deposits. the CDs, are certificates of your deposits and bounded by parameters like fixed interest rate, fixed time of maturity etc. your bank will charge you big if you withdraw your CD before maturity date.