Question 1

Can I have multiple bank accounts?

Accepted Answer

Yes, you can have multiple accounts at different banks or multiple accounts at the same bank. This strategy helps with budgeting, separating savings, maximizing interest, and taking advantage of different bank features.

Question 2

What is an adjustable-rate mortgage (ARM)?

Accepted Answer

An ARM has an interest rate that changes periodically based on market conditions. It typically starts with a lower rate than fixed mortgages for an initial period (e.g., 5, 7, or 10 years), then adjusts annually. Your monthly payment can increase or decrease. ARMs are riskier but can save money if you plan to move or refinance before adjustments begin.

Question 3

What is phishing in banking?

Accepted Answer

Phishing is a fraud attempt where criminals impersonate banks via email, text, or phone to steal personal information. Banks never ask for passwords or PINs via email. Always verify communications directly with your bank.

Question 4

Are online-only banks safe?

Accepted Answer

Yes, online banks are FDIC-insured up to $250,000 per depositor, just like traditional banks. They use advanced encryption and security measures. The lack of physical branches allows them to offer higher interest rates.

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Frequently Asked Questions

Can I have multiple bank accounts?

What is an adjustable-rate mortgage (ARM)?

What is phishing in banking?

Are online-only banks safe?

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