A checking can be used as a tool for managing transactions and monitoring spending. A traditional checking account usually comes with several ways to access money in your account, like checks or a debit card. Your money will also be safe in a checking account as long as the financial institution is FDIC insured. When a financial institution is FDIC your money is safe even in the rare event that a bank was to shut down. Up to $250,000 is protected in individual accounts and $500,000 is protected in joint bank accounts.