Frequently Asked Questions about Banks and Credit Unions
What is a bank vs. a credit union?
what is a wire transfer?
A wire transfer is the electronic transfer of money from one bank account to another. This can be across states, countries, and between different banks. Wire transfers usually have a fee associated with them, and are typically complete within 24 hours.
Why do I need a bank?
Banks are important because they allow you to participate in modern life. While some people have managed to live without using a bank, it's much easier to get a credit card, a loan or store money with one. Banks are also a precursor to credit history, which is required to be approved for any sort of debt.
What is a mortgage?
A mortgage is a type of debt in which a bank or other financial institution lends money and takes the title of a piece of property as collateral. The principal of the loan is repaid with interest. This type of loan is usually used to buy houses or other real property.