Question 1

What is a VA loan?

Accepted Answer

A VA loan is guaranteed by the Department of Veterans Affairs for eligible military service members, veterans, and surviving spouses. Benefits include no down payment required, no mortgage insurance, competitive interest rates, and limited closing costs. The VA doesn't lend money directly but guarantees loans made by approved lenders, reducing their risk.

Question 2

Are all banks FDIC insured?

Accepted Answer

Most U.S. banks are FDIC insured, but credit unions have similar NCUA insurance. Always verify a bank's FDIC membership at fdic.gov. Investment products like stocks and mutual funds are not FDIC insured.

Question 3

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 4

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.

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Frequently Asked Questions

What is a VA loan?

Are all banks FDIC insured?

Do I need a business account for my small business?

Do checking accounts earn interest?

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