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 savings account?

Accepted Answer

A savings account is designed to hold money you don't plan to spend immediately, earning interest on your deposits. It typically has withdrawal limits and offers higher interest rates than checking accounts.

Question 3

Are all banks FDIC insured?

Accepted Answer

Most U.S. banks are FDIC insured, but credit unions have similar NCUA insurance. Always verify a bank's FDIC membership at fdic.gov. Investment products like stocks and mutual funds are not FDIC insured.

Question 4

Do checking accounts earn interest?

Accepted Answer

Some checking accounts earn interest, called interest-bearing checking accounts. However, rates are typically lower than savings accounts. Many standard checking accounts don't pay interest at all.

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Frequently Asked Questions

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

What is a savings account?

Are all banks FDIC insured?

Do checking accounts earn interest?

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