Question 1

What is APY in banking?

Accepted Answer

APY (Annual Percentage Yield) is the total interest earned on an account in one year, including compound interest. It's higher than the interest rate because it accounts for how often interest is compounded.

Question 2

What is phishing in banking?

Accepted Answer

Phishing is a fraud attempt where criminals impersonate banks via email, text, or phone to steal personal information. Banks never ask for passwords or PINs via email. Always verify communications directly with your bank.

Question 3

What are monthly maintenance fees?

Accepted Answer

Monthly maintenance fees are recurring charges banks impose for maintaining your account. Many banks waive these fees if you maintain a minimum balance, have direct deposits, or meet other requirements.

Question 4

When is my credit card statement balance due?

Accepted Answer

Your statement balance is due on the payment due date shown on your statement, typically 21-25 days after the statement closing date. This period is called the grace period. To avoid interest charges and late fees, ensure your payment is received by the card issuer before the due date.

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Frequently Asked Questions

What is APY in banking?

What is phishing in banking?

What are monthly maintenance fees?

When is my credit card statement balance due?

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