Question 1

What is the difference between statement balance and current balance?

Accepted Answer

The statement balance is what you owed at the end of your last billing cycle, while the current balance is what you owe right now, including any new charges or payments since the statement date. Pay the statement balance by the due date to avoid interest; the current balance reflects real-time activity.

Question 2

What information is included in a bank statement?

Accepted Answer

Bank statements include account holder details, account number, statement period, opening and closing balance, all transactions (date, description, amount), deposits, withdrawals, fees, interest earned, and sometimes check images.

Question 3

How can I avoid bank fees?

Accepted Answer

Maintain minimum balances, use in-network ATMs, enable direct deposit, avoid overdrafts, monitor your account regularly, choose fee-free banks, and read your account terms to understand all requirements.

Question 4

What is SWIFT code?

Accepted Answer

SWIFT (Society for Worldwide Interbank Financial Telecommunication) code is an international bank identifier used for cross-border wire transfers. It's typically 8-11 characters identifying the bank, country, and branch.

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Frequently Asked Questions

What is the difference between statement balance and current balance?

What information is included in a bank statement?

How can I avoid bank fees?

What is SWIFT code?

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