Which of these is an advantage unique to checking accounts?

Which of these is an advantage unique to checking accounts?

a. Checking accounts enable the transfer of money electronically.

b. Checking accounts allow used checks to act as receipts.

c. Checking accounts use debit cards for easy access to money.

d. Checking accounts are set up to earn more interest if used more.

Answer: b. Checking accounts allow used checks to act as receipts.

Basic current account facilities are mainly intended for easy access and for transaction purposes as opposed to especially gaining interest on the deposits made. Although practically all the features mentioned, such as electronic funds transfer –option A- and the use of debit cards –option C- apply to checking as well as savings accounts the used checks are usually acknowledged as the receipts are the decisive advantage favouring the checking accounts.

In case of a written check which has been cleared, it makes a record of the transaction, where the date, amount, and who it was issued to are normally shown. Another advantage of used checks is that they leave a paper trail that is advantageous when needed for record-keeping, tax, or even legal issues. Thus, option b accurately points to a specific benefit that can be derived from checking accounts, which cannot be obtained from other accounts.