Question 1

What is the difference between ACH and recurring card payments?

Accepted Answer

ACH pulls funds directly from your bank account with lower fees, used for mortgages and utilities. Recurring card payments charge your credit/debit card, offering more protection and easier disputes but higher merchant fees.

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

How do I open a bank account?

Accepted Answer

Visit a bank branch or apply online with valid ID (passport, driver's license), proof of address, Social Security number or tax ID, and an initial deposit. Some banks allow instant online account opening.

Question 4

How do I close a bank account?

Accepted Answer

Withdraw or transfer all funds, cancel automatic payments, wait for pending transactions to clear, visit the bank or submit a closure request online, and request written confirmation of closure for your records.

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Frequently Asked Questions

What is the difference between ACH and recurring card payments?

Do checking accounts earn interest?

How do I open a bank account?

How do I close a bank account?

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