Question 1

Should I pay statement balance or current balance?

Accepted Answer

To avoid interest charges, pay at least the statement balance by the due date. Paying the current balance (which includes newer charges) can help keep your credit utilization lower and may give you a head start on the next billing cycle, but it's not required to maintain the grace period.

Question 2

What does ACH stand for in banking?

Accepted Answer

ACH stands for Automated Clearing House, an electronic network for financial transactions in the United States. It processes direct deposits, bill payments, and bank transfers between accounts.

Question 3

What is two-factor authentication in banking?

Accepted Answer

Two-factor authentication (2FA) adds an extra security layer requiring two forms of verification: something you know (password) and something you have (phone code, fingerprint). It significantly reduces unauthorized access risk.

Question 4

What is a Certificate of Deposit (CD)?

Accepted Answer

A CD is a savings product with a fixed interest rate and term (3 months to 5 years). You deposit money and can't withdraw without penalty until maturity. CDs typically offer higher rates than regular savings accounts.

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Frequently Asked Questions

Should I pay statement balance or current balance?

What does ACH stand for in banking?

What is two-factor authentication in banking?

What is a Certificate of Deposit (CD)?

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