Question 1

What are common bank statement abbreviations?

Accepted Answer

Common abbreviations include ATM (Automated Teller Machine), POS (Point of Sale), ACH (Automated Clearing House), DD (Direct Deposit), NSF (Non-Sufficient Funds), EFT (Electronic Funds Transfer), and CR (Credit) or DR (Debit).

Question 2

Should I pay statement balance or current balance?

Accepted Answer

To avoid interest charges, pay at least the statement balance by the due date. Paying the current balance (which includes newer charges) can help keep your credit utilization lower and may give you a head start on the next billing cycle, but it's not required to maintain the grace period.

Question 3

How old do you have to be to get a debit card?

Accepted Answer

Age requirements vary by bank. You typically need to be 18 to get a debit card independently. Minors (usually ages 13-17) can get a debit card through a joint account with a parent or guardian, or through teen checking accounts offered by many banks. Some banks offer cards for children as young as 6 with parental controls.

Question 4

How much should I put down on a house?

Accepted Answer

While 20% down is ideal to avoid mortgage insurance and secure better rates, many buyers put down less. FHA loans allow 3.5%, conventional loans as low as 3%, and VA/USDA loans allow 0%. Consider your savings, budget, and whether you'd rather have cash reserves for emergencies, repairs, and moving costs versus a larger down payment.

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Frequently Asked Questions

What are common bank statement abbreviations?

Should I pay statement balance or current balance?

How old do you have to be to get a debit card?

How much should I put down on a house?

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