We are all used to the conveniences that come with modern banking. We can have our salary paid directly to our bank account, pay our bills online and pay for purchases with a debit card.

There are other types of accounts that a bank may offers such as, Money Market Accounts, Passport Savings, or Certificates of Deposit.

Explain to me how it is similar and different to a regular checking account.Second, explain why bank reconciliation is necessary for a checking account and is reconciliation or a similar concept is necessary for the option you discussed above.