Frequently Asked Questions

This website is intended to provide commonly needed bank and credit union information all in one place. We also have a blog with articles on commonly needed personal finance info and trending topics in finance.

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.

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.

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.

Banks are for profit and credit unions are non-profit. We wrote a detailed blog post on this topic! Check it out here. ​

It may seem boring, but financial literacy is one of the most important things you’ll need to know to succeed in life. Everything is tied to it, and you’ll need a lot more information than you learned in school. Bankdeets.com is here to help.