Question 1

What is a routing number on a debit card?

Accepted Answer

A routing number is NOT printed on your debit card—it's a 9-digit code that identifies your bank and is found on checks or in your online banking. Your debit card shows the card number, expiration date, and CVV. To find your routing number, check your paper checks, bank statement, or log into your online banking account.

Question 2

What is an IRA bank account?

Accepted Answer

An IRA (Individual Retirement Account) held at a bank typically invests in CDs or savings accounts rather than stocks. Contributions may be tax-deductible, earnings grow tax-deferred, and withdrawals follow IRA rules.

Question 3

Can automatic payments overdraw my account?

Accepted Answer

Yes, automatic payments will process even with insufficient funds, causing overdraft fees. Monitor your balance, set up low-balance alerts, maintain a buffer, or link overdraft protection to avoid fees.

Question 4

What is the 50/30/20 budget rule?

Accepted Answer

The 50/30/20 rule allocates 50% of income to needs (housing, food, utilities), 30% to wants (entertainment, dining out), and 20% to savings and debt repayment. Review bank statements to track adherence to these percentages.

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Frequently Asked Questions

What is a routing number on a debit card?

What is an IRA bank account?

Can automatic payments overdraw my account?

What is the 50/30/20 budget rule?

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