Savings accounts are a safe place to keep your money because all deposits made by consumers are guaranteed by the FDIC for bank accounts or the NCUA for credit union accounts. Deposit insurance for savings accounts covers $250,000 per depositor, per institution, and...
What is a debit card? A debit card is a payment method that can be used as an alternative to cash. Most banks and credit unions issue a debit card when you open a checking account. The card is linked to your account and can be used to make purchases. When you use your...
FDIC stands for Federal Deposit Insurance Corporation. A bank account that is FDIC-insured means that your money is insured by the federal government, usually up to $250,000. What you should know: If a bank fails and cannot give all of its customers the money in their...
A credit card is a plastic card that lets you access a line of credit offered by a bank. The money you have available on the card is borrowed from the bank, and you have to pay it back over time or at the end of the month, depending on the terms. For example, you need...
A bank looks at 5 things when deciding whether or not to approve a loan, called the “Five C’s of Credit”: Credit History: This tells them how consistently you’ve made payments on any loans, credit cards, or mortgages in the past. Capacity: The...
Recent Comments