Question 1

How long do I have to dispute a transaction?

Accepted Answer

For credit cards, you typically have 60 days from statement date. For debit cards, report unauthorized transactions within 2 days for $50 liability, within 60 days for $500 liability, or unlimited liability after 60 days.

Question 2

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.

Question 3

Do I need to report bank interest to IRS?

Accepted Answer

Yes, banks report interest income over $10 to the IRS via Form 1099-INT, which you must include on your tax return. All interest is taxable, regardless of amount, though amounts under $10 aren't automatically reported.

Question 4

What is a high-yield savings account?

Accepted Answer

A high-yield savings account offers significantly higher interest rates (often 10-20x higher) than traditional savings accounts. They're typically offered by online banks with lower overhead costs, allowing better rates.

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Frequently Asked Questions

How long do I have to dispute a transaction?

Do checking accounts earn interest?

Do I need to report bank interest to IRS?

What is a high-yield savings account?

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