Are you asking, does the fact that your daughter is the beneficiary of a 529 account mean that she is not allowed to have a regular checking account? The answer to that is, no, she can still have a regular checking account. She will need to report any assets (money) she has at the time that financial aid forms are filled out, but money in a checking account is no different than money in a piggy bank, in a wallet in her purse, or stuffed under the mattress.
Note that money in a 529 account of which your daughter is a beneficiary will be reported on FAFSA as a parent asset if either your daughter or a parent is the owner of the account.