Which of the following best describes a checking account?

A checking account is fundamentally designed as a transactional account that allows individuals to deposit and withdraw money regularly. This type of account facilitates everyday financial activities, such as paying bills, making purchases, and withdrawing cash from ATMs. It typically comes with features such as check-writing capabilities, debit card access, and online banking options, all of which emphasize its primary role in facilitating transactions rather than saving or investing money over the long term.

In contrast, options that suggest the account is primarily for savings, a type of loan facility, or meant for long-term investment do not accurately capture the essence of a checking account's functionality. Checking accounts are characterized by their liquidity and accessibility, making them essential for daily financial management rather than serving as a vehicle for accumulating wealth or obtaining credit.