What Is Loan Amortization and How Does it Work?
Loan amortization is when your loan has scheduled periodic payments, usually monthly, that is applied to both the loan principal and interest. Generally, the loan payment you provide each month is first used to pay off interest, then the loan’s principal amount. Therefore, your payment may be used to pay off interest or principal in […]
Is My Social Security Number a Bank Account?
Your Social Security Number is not a bank account and cannot be used to pay bills. A bank account is a private account that is managed between you and the financial institution or credit union. On the other hand, Social Security is managed by the federal government and no universal access is offered to you […]
Western Union Check Cashing Policy Guide
Western Union is a business that specializes in transferring and receiving money globally. The organization has over 500,000 stand-alone locations and kiosks in local retail stores to assist customers in sending or receiving funds. Using the Western Union money transfer service, you can send money directly to a participating bank account or to a location […]
How Long Do Hard Inquiries Stay on Your Credit Report?
It’s important to understand the negative effects a hard inquiry can have on your credit report, especially if you plan to make a financial decision or apply for a loan or credit card soon. Hard inquiries are documented on your credit report for two years. However, the hard inquiry will only negatively affect your credit […]
Joint Bank Accounts: What They Are and How They Work
When you open a bank account, you are usually the sole owner of the funds associated with the account. Only you can withdraw money, use checks, or change the terms of the account. However, if you open a joint account with another person, both you and the other account holder have the same rights and […]
What Does it Mean To Be in an Economic Recession or Depression?
According to the National Bureau of Economic Research, the definition of a recession is, “A period of falling economic activity spread across the economy, lasting more than a few months.” This period of downturn is officially called a “recession” if it lasts in the region for at least two consecutive quarters, which are three-month periods […]