savers and borrowers. Savers place deposits with banks, and then receive interest payments and withdraw money.

Borrowers receive loans from banks, and repay the loans with interest.

Banks offer a range of accounts to serve different needs. A checking account typically pays little or no interest,

but it facilitates transactions by giving you easy access to your money, either by writing a check or by using a

debit card (that is, a card which works like a credit card, except that purchases are immediately deducted from

your checking account rather than billed separately through a credit card company). A savings account

typically pays some interest rate, but getting the money typically requires you to make a trip to the bank or an

automatic teller machine (or you can access the funds electronically). The lines between checking and savings

accounts have blurred in the last couple of decades, as many banks offer checking accounts that will pay an
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