Question 1

Do I need a business account for my small business?

Accepted Answer

Yes, especially for LLCs and corporations to maintain legal separation. Sole proprietors can use personal accounts initially, but a business account simplifies bookkeeping, tax preparation, and looks more professional to clients.

Question 2

What is the difference between statement balance and current balance?

Accepted Answer

The statement balance is what you owed at the end of your last billing cycle, while the current balance is what you owe right now, including any new charges or payments since the statement date. Pay the statement balance by the due date to avoid interest; the current balance reflects real-time activity.

Question 3

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 4

What is a high-yield savings account?

Accepted Answer

A high-yield savings account offers significantly higher interest rates (often 10-20x higher) than traditional savings accounts. They're typically offered by online banks with lower overhead costs, allowing better rates.

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Frequently Asked Questions

Do I need a business account for my small business?

What is the difference between statement balance and current balance?

What is phishing in banking?

What is a high-yield savings account?

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