Here, we are required to explain the difference between a checking agreement and a checking account statement.
The difference between a checking agreement and a checking account statement first lies in the periodicity of checking account statements as opposed to checking agreements, the details of their content as explained in the short notes above, as well as the time of issuance of both documents.
To explain the difference, it is necessary to first define a checking agreement and a checking account statement as used in this context.
- A checking agreement can simply be defined as a form required to be filled by a customer by the bank to open a checking account, with respect to the checking account, the agreements between an account owner and an obligor governing the terms and conditions of such account, as well as personal information of the customer intending to open the checking account. In this light, such agreements may be amended, modified or otherwise changed in its entirety from time to time.
- A checking account statement on the other hand, may simply be defined as a document provided to the consumer by a bank in lieu of the existence of a checking account opened in the customer's name. A checking account statement is used in providing record of money in and out of the checking account, interests as well as charges deducted from the account, not to mention instructions on relaying any complaint regarding the account. Checking accounts are highly liquid as money can be taken in or out via a variety of channels such as ATMs, Check deposit or withdrawals and so on, as such, the statement is usually heavy( on the average). Checking account statements are periodic.
Ultimately, the difference between a checking agreement and a checking account statement first lies in the periodicity of checking account statements as opposed to checking agreements, the details of their content as explained in the short notes above, as well as the time of issuance of both documents.
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