Question 1

How do I cancel automatic payments?

Accepted Answer

Contact both the merchant to cancel authorization and your bank to stop payment. Notify at least 3 business days before the scheduled payment. Confirm cancellation in writing and monitor your account for any subsequent charges.

Question 2

Do banks charge for ATM withdrawals?

Accepted Answer

In-network ATM withdrawals are usually free. Out-of-network ATMs may charge $2-$5 per transaction, plus your bank may add its own fee. International ATM withdrawals often include foreign transaction fees.

Question 3

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 4

Are there tax advantages to certain bank accounts?

Accepted Answer

Health Savings Accounts (HSA) and certain retirement accounts offer tax benefits. Regular savings and checking accounts don't provide tax advantages, and interest earned is taxable income at your marginal tax rate.

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Frequently Asked Questions

How do I cancel automatic payments?

Do banks charge for ATM withdrawals?

What is the difference between ACH and recurring card payments?

Are there tax advantages to certain bank accounts?

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