Question 1

What is a trust account?

Accepted Answer

A trust account holds assets for beneficiaries managed by a trustee. Banks offer trust services to manage estates, protect assets, provide for minors, or achieve specific financial goals with legal oversight.

Question 2

What is a conventional mortgage?

Accepted Answer

A conventional mortgage is not insured or guaranteed by the federal government. It typically requires higher credit scores (620+) and down payments than government-backed loans. Conventional loans can be conforming (meeting Fannie Mae/Freddie Mac standards) or non-conforming (like jumbos). PMI can be removed at 20% equity, unlike FHA loans.

Question 3

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.

Question 4

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.

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Frequently Asked Questions

What is a trust account?

What is a conventional mortgage?

What is the 50/30/20 budget rule?

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

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