Second, it must be durable. Coins are more durable than bills, but in large quantity they aren't very portable. Also, money must be stable. The value must remain fairly constant. Finally, money must be difficult to counterfeit.
Money loses stability if it's easily faked.
The major difference between the two types of checking accounts is the type of financial institution in which they are held. For our purposes, we will combine them. These, along with time deposits and money market accounts, are typically referred to as near money . They can be easily converted to money but aren't technically immediately spendable. Banks actually create money through demand deposits .