Question 1

What happens if I only pay the minimum payment instead of the statement balance?

Accepted Answer

If you only pay the minimum payment, you'll avoid late fees and penalties, but you'll be charged interest on the remaining balance. Interest compounds daily, making your debt more expensive over time. Paying only the minimum extends repayment and can cost significantly more in interest charges.

Question 2

What is a routing number?

Accepted Answer

A routing number is a nine-digit code that identifies the financial institution where your account is held. It's used for processing checks, direct deposits, wire transfers, and electronic payments.

Question 3

What does ACH stand for in banking?

Accepted Answer

ACH stands for Automated Clearing House, an electronic network for financial transactions in the United States. It processes direct deposits, bill payments, and bank transfers between accounts.

Question 4

How do I protect my bank account from fraud?

Accepted Answer

Use strong unique passwords, enable two-factor authentication, monitor statements regularly, never share PINs or passwords, use secure networks, set up account alerts, and report suspicious activity immediately.

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Frequently Asked Questions

What happens if I only pay the minimum payment instead of the statement balance?

What is a routing number?

What does ACH stand for in banking?

How do I protect my bank account from fraud?

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