Question 1

What is FATCA in banking?

Accepted Answer

FATCA (Foreign Account Tax Compliance Act) requires foreign banks to report accounts held by U.S. taxpayers to the IRS. U.S. citizens must report foreign accounts over $10,000 using FBAR (FinCEN Form 114).

Question 2

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 3

What happens after I dispute a transaction?

Accepted Answer

The bank investigates by contacting the merchant, reviewing documentation, and may issue provisional credit while investigating. They'll notify you of the outcome within 30-90 days. Keep all supporting documentation.

Question 4

What is an adjustable-rate mortgage (ARM)?

Accepted Answer

An ARM has an interest rate that changes periodically based on market conditions. It typically starts with a lower rate than fixed mortgages for an initial period (e.g., 5, 7, or 10 years), then adjusts annually. Your monthly payment can increase or decrease. ARMs are riskier but can save money if you plan to move or refinance before adjustments begin.

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Frequently Asked Questions

What is FATCA in banking?

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

What happens after I dispute a transaction?

What is an adjustable-rate mortgage (ARM)?

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