Question 1

What is principal and interest on a mortgage?

Accepted Answer

Principal is the amount you borrowed for your home, while interest is the cost of borrowing that money. Your monthly mortgage payment typically includes both. Early in the loan, most of your payment goes toward interest. Over time, more goes toward principal. This is called amortization. Property taxes and insurance may also be included in your payment.

Question 2

How does mobile check deposit work?

Accepted Answer

Take photos of the front and back of your endorsed check using your bank's app, enter the amount, and submit. The bank verifies and deposits funds, typically within 1-2 business days. Some banks have daily limits.

Question 3

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.

Question 4

Are there cheaper alternatives to bank wire transfers?

Accepted Answer

Yes, services like Wise (TransferWise), Revolut, PayPal, and Western Union often offer better rates and lower fees than traditional banks. They use mid-market rates and transparent fee structures for international transfers.

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Frequently Asked Questions

What is principal and interest on a mortgage?

How does mobile check deposit work?

How do I protect my bank account from fraud?

Are there cheaper alternatives to bank wire transfers?

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