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

How do business loans differ from personal loans?

Accepted Answer

Business loans consider business revenue, credit history, and business plan rather than just personal credit. They often have higher limits, different terms, may require collateral, and interest may be tax-deductible.

Question 3

What is the difference between ACH and recurring card payments?

Accepted Answer

ACH pulls funds directly from your bank account with lower fees, used for mortgages and utilities. Recurring card payments charge your credit/debit card, offering more protection and easier disputes but higher merchant fees.

Question 4

What is a reconciliation in banking?

Accepted Answer

Reconciliation is comparing your bank statement with your own records to ensure all transactions match and identify discrepancies. It helps detect errors, fraud, forgotten transactions, and ensures accurate financial records.

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Frequently Asked Questions

What is the difference between statement balance and current balance?

How do business loans differ from personal loans?

What is the difference between ACH and recurring card payments?

What is a reconciliation in banking?

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