Question 1

How does a debit card work?

Accepted Answer

A debit card works by electronically transferring money from your bank account to the merchant when you make a purchase. You can use it by swiping, inserting the chip, or tapping for contactless payments. You may need to enter a PIN or sign for verification. Funds are deducted immediately or within 1-3 business days.

Question 2

What are common bank statement abbreviations?

Accepted Answer

Common abbreviations include ATM (Automated Teller Machine), POS (Point of Sale), ACH (Automated Clearing House), DD (Direct Deposit), NSF (Non-Sufficient Funds), EFT (Electronic Funds Transfer), and CR (Credit) or DR (Debit).

Question 3

What is a Health Savings Account (HSA)?

Accepted Answer

An HSA is a tax-advantaged account for medical expenses, available with high-deductible health plans. Contributions are tax-deductible, earnings grow tax-free, and withdrawals for qualified medical expenses are tax-free. Funds roll over annually.

Question 4

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.

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Frequently Asked Questions

How does a debit card work?

What are common bank statement abbreviations?

What is a Health Savings Account (HSA)?

What is the difference between statement balance and current balance?

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