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Sometimes, no matter how careful you are with your bank account, you may want to cancel an online payment. Fortunately, it’s often possible to do so. Even if you previously sent out a recurring automatic payment, you can typically hit the brakes on an upcoming transaction.

Many of us have learned to rely on ACH payments, which can be used for a business’s payroll, tax payments, bill payments, account transfers, and more. You may well pay many of your monthly bills — from your utilities to your streaming service subscriptions — in this way. As a result, it’s a good idea to understand how ACH works and how to stop or reverse a payment when necessary.

What Are ACH Payments?

ACH payments are a method of money transfer between banks made through the ACH or Automated Clearing House network. NACHA (the National Automated Clearing House Association) governs these transactions, which can be an alternative to other payment options, like credit cards.

With ACH, the funds come directly from a bank account. This makes payments seamless and convenient; no paper checks or postage stamps required. ACH payments are also available to both consumers and businesses alike as long as they have a U.S. bank account.

One downside of ACH transfers, though, is that they can take longer than options like a wire transfer. When you compare a wire transfer vs. an ACH payment, wired funds can transfer within a day. In terms of how long an ACH payment takes, it may be several days. However, ACH has the upper hand in terms of cost: They are generally less expensive than other payment processing methods and often free.

ACH payments can break down into two categories: ACH credit and ACH debit.

An ACH credit is like a virtual check. The payer tells the ACH network to transfer their account funds to the payee’s account. In contrast, ACH debit (the more popular version of ACH transfer) involves a recipient pulling funds from the payer’s account. (For instance, this kind of payment occurs when you authorize your car loan to be automatically debited on a certain day of each month.) Merchants often prefer this kind of automatic debiting as it reduces the possibility of late or failed payments.

Can ACH Payments Be Canceled or Returned?

So, let’s say you just moved and forgot to cancel your gym membership at your old location. You realize that a payment is about to be sent out. Or maybe you set up a one-time payment to a vendor but notice (oops!) that you typo’d the amount? Now what? Can you stop or reverse an ACH payment from a checking account?

Typically, yes. This is partially possible due to the time frame of ACH transfers. ACH transfers can take multiple days to settle, and, as a result, you have more time to stop or reverse your transaction.

Rules vary by bank, but you may be able to cancel an ACH transfer over the phone, or you may need to fill out a stop payment form online or at a branch. Either way, time is of the essence. If the payment has already cleared, you’ll need to request a reversal, which is a more complicated process.

Recommended: Average Savings by Age

How to Reverse ACH Payments

Let’s look at reversing an ACH payment in a little more detail. Occasionally, an ACH transfer may involve a mistake. It’s easy to type in the wrong dollar amount or otherwise err when it comes to making payments without cash in hand. If you act quickly, you may be able to stop the payment by contacting your bank. But if the payment has already cleared your bank account, you’ll need to request a reversal.

The process for how to reverse an ACT payment will vary by bank, but here’s a look at what’s typically involved.

ACH Reversal Requirements

NACHA, the organization that oversees ACH payments, has specific qualifications that determine if an entry is erroneous. If these details are satisfied, you are then allowed to reverse your payment without an issue. To qualify, an entry must meet one of the following conditions:

•   Be a duplicate of a previously initiated entry

•   Transferred on the wrong date

•   Include a mistake in the sender or recipient’s account number

•   Transferred the incorrect amount

These scenarios cover many of the situations that would lead you to cancel or reverse a payment.

How to Stop an ACH Payment

If you want to stop a transaction, it’s actually to your benefit that ACH payments take several days to settle. This means you have some time to halt an ACH transaction if you need to. However, every bank operates differently and may have its own rules on how to stop an ACH payment. For example, you may find that your bank can cancel an ACH payment online or over the phone. But other institutions may need you to submit a physical form canceling the transaction. Check with the institution that holds your account to find out how to proceed.

You can also cancel your recurring ACH debit payments. You need to do this within three business days before the funds are due. Typically, the process involves contacting the entity expecting your payment and letting them know that you are revoking access to your bank account. Next, you’ll need to contact your own bank to let them know you are no longer allowing automated payments to this payee. You may be able to do this over the phone or you may need to fill out and submit a stop ACH payment form.

Recommended: Understanding ACH Transfer Limits for Incoming and Outgoing Transactions

How to Update Direct Deposit Details

A quick look at the other side of the coin: Let’s say you are receiving funds by direct deposit (perhaps your paycheck or government payments), and realize you need to update your details. If you have changed bank accounts — maybe you found a high-yield online savings account you can’t resist — you’ll need to let the entity that is paying you know your new info. For benefits like Social Security payments, you may be able to do this online. To update your direct deposit information with your employer, contact your company’s HR department to find out what the process is.

The Takeaway

The ACH network is a valuable payment processor that consumers and businesses in the U.S. rely on. However, situations can arise that may trigger you to want to stop or reverse a payment, such as if you had entered details incorrectly. Fortunately, it’s possible to stop ACH payments from your checking account or reverse an ACH payment. You can then notify the others impacted and get your banking transactions back on the right track again.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy 3.30% APY on SoFi Checking and Savings with eligible direct deposit.

FAQ

How long will it take to reverse an ACH payment?

It generally takes two business days to reverse an ACH payment. However, some cases can take longer if the transaction is disputed.

Can you amend an ACH transfer?

Yes, you can typically amend or cancel an ACH transfer by contacting your bank. If the transaction hasn’t been initiated yet, you may be able to stop it from happening. If the transfer has already cleared, you’ll need to work with your bank to reverse the ACH transaction.

How do I stop ACH payments on my checking account?

If you want to stop an ACH payment, you’ll need to contact your bank at least three days before the ACH transfer’s date. This may involve an ACH payment stop request submitted in writing. A small fee may be involved in halting the payment.

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Photo credit: iStock/insta_photos

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Do you feel like your spending is out of control? It’s a common experience. It can be easy to blow your budget when you succumb to the allure of some shiny new thing (like the latest mobile phone), have an unexpected expense (a car repair, for instance), or say yes to a weekend away with friends when you don’t really have the cash.

Whether you’re struggling to stick to a budget or want to be more organized with your money, there’s never a wrong time to get your finances back on track. Setting priorities, dealing with debt, and budgeting well can help you manage your money better. Try these tips to do just that.

Why Is It So Hard to Stick to Money Goals?

Even if you create a monthly budget with the best intentions, it’s easy to get off-track along the way.

Life can be expensive! And inflation is still at work. Here are some of the ways your finances can go astray:

•   An unexpected bill hits, like a car repair or an emergency room visit

•   Your budget felt too stringent and so you abandoned it

•   Life in your city is expensive, and you’ve wound up with major credit card debt

•   Your income fluctuates too much for a budget to account for, whether that’s because you are a freelance worker or were laid off recently

•   You have a case of FOMO (fear of missing out), and when a friend invites you to join them on a pricey night out, you go with the expensive flow

•   Spending money on yourself or your loved ones is an instant mood-lifter.… Life is short, right?

Additionally, establishing new habits is always a challenge. For example, discipline is vital to eat out less or reduce grocery expenses. It’s easy to slip back into something familiar and comfortable, even if it hurts your wallet.

6 Helpful Tips for Getting Your Finances Back on Track

Even folks who closely track their spending go over their budget now and then. It happens, but diverging from your budget isn’t the main issue — how you recover is more important. So, if you’re wondering how to start getting your finances back on track, these strategies can help speed up the process.

1. Evaluate and Trim Spending

You’re not alone if you get to the end of the month wondering where all your money went. When faced with unexpected expenses, most families will experience financial hardship. According to a recent Federal Reserve report, 82% of Americans felt they could pay all their bills in a given month, down 4% vs. one year prior. That means almost one in five households feel they can’t make ends meet.

Overspending can mount quickly, pushing any budget out of balance. A few additions to the grocery cart, a few extra visits to the coffee shop, or a home repair can wreak havoc on the most carefully planned budget.

For this reason, looking at recent bills and credit card statements can help identify where you spent your money. For example, dinner with your friends at your favorite (and somewhat pricey) restaurant or back-to-school shopping for your children may have thrown off your spending plan. Identifying budget lapses can help you plan for or avoid them in the future.

You might decide to save on streaming services by dropping a platform or two from your current rotation, or you could join a warehouse club to help spend less on groceries. Or perhaps taking in a roommate for a period of time could help you cut costs and pay off debt.

2. Develop Goals and Reprioritize

Conventional budgeting advises that you look at your expenses at the end of each month. However, reviewing your checking account balance and statements once a week is more advantageous for keeping track of money coming in and going out. A weekly check-in allows you the time to change course and maintain your budget, even if the first week of the month didn’t do your budget any favors.

You might have zero experience with budgeting, and that’s okay. However, creating a budget for beginners is an excellent way to start working on getting your finances on track. Watching your cash flow can help you tweak your budget to better suit real life.

An important consideration is how much to put toward debt repayment (student loans, credit card debt, etc.) and how much you can save toward future goals, such as the down payment on a house and retirement.

3. Deal with Debt

Don’t beat yourself up if you are having trouble paying off your student loans, credit card debt, or other money that you owe. Instead, commit to delving deeper and seeing exactly how much you owe.

Depending on your particular scenario, you might look into options that could lower your student loan payments or whether you could, say, pay off high-interest credit card debt with a lower-interest personal loan. Or you might call your credit card issuer and see if you can negotiate a lower annual percentage rate, or APR.

Yes, it takes some time and energy, but recognize that you are investing in your future monetary wellness. You’re practicing financial selfcare to get back on track.

4. Find a Financial Accountability Partner

Reaching out for help is an effective way to stay disciplined. A financial coach or financial therapist can play a positive role in modifying your spending habits.

In addition, spending issues may be rooted in an unhealthy relationship with money. Finding someone who provides accountability and encouragement can be a real support as you learn smarter cash management. It can be the difference between managing your finances successfully and giving up.

Your partner could be a friend or family member who can share good advice and talk to you when you hit a speed bump financially. Or it could be a low-cost financial advisor.

Even seasoned budgeters can benefit from professional help. Those with budgeting down pat can work with a financial advisor to create a financial plan and achieve their goals, whether that’s building up an even bigger emergency fund or investing for retirement.

Recommended: Using a Personal Loan to Pay Off Credit Card Debt

5. Identify a Budgeting Method for Your Needs

Another strategy to get back on track financially is to pinpoint a budgeting method. There is no one-size-fits-all budgeting solution since everyone has a unique financial situation and personality type. So, here are a few common methods to explore.

•   50/30/20 budget. The 50/30/20 budgeting rule requires budgeters to spend 50% of their income on needs (mortgage, insurance, and car payments), 30% on wants (entertainment, shopping, and personal care items), and 20% on savings (such as retirement investments).

•   Envelope budget. With this method, you divide your spending categories into cash envelopes with a certain amount of cash in each. When the envelope runs out, you can no longer spend in the category until the next month or else you can take money from another envelope. You can adapt this method by using a debit card vs. cash. The idea here is to move away from high-interest credit cards.

•   Zero-sum budget. This method requires that you give each dollar you have coming in a job or specific purpose. Therefore, at the end of the month, you will have zero dollars left over.

•   Paying yourself first. With this method, you make your savings deposit before you pay other expenses. So, if you plan on saving 20% of your income, you put that away before using the rest of your income as you wish.

•   Line item budget. Usually, when people think of budgeting, a line item budget is the technique that comes to mind. With this method, you plug your income and expenses into an app, online spreadsheet, or notebook to track all the money you have coming in and going out. You learn and adjust as you go.

6. Grow Your Emergency Fund

One valuable way to get your financial life back on track is to know you have a financial safety net. Which is exactly what an emergency fund is. The goal is to build up to having three to six months’ worth of living expenses socked away in this kind of fund.

If you have a major unexpected expense or get laid off, the money you’ve saved (and perhaps have stowed away in a savings account) can float you and help you avoid a crisis

The Takeaway

Many people hit a moment in which they feel their money is out of control and needs to be managed better. Budgets get blown, emergency expenses pop up, and it can feel challenging to get back on track. By prioritizing your goals, trimming expenses, and budgeting better, you can get back on track toward financial wellness.

A SoFi bank account can help you streamline your budgeting efforts.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy 3.30% APY on SoFi Checking and Savings with eligible direct deposit.

FAQ

How do I get my finances back on track?

Getting your finances back on track can involve goal setting, budgeting, trimming expenses, and paying down debt. These steps can help you manage your money better.

How long does it take to recover financially?

How long it will take to recover financially will depend on several factors, such as how much debt you have and how much income you can put toward paying it off. Sometimes, recovering financially can be a matter of making a move, such as taking in a roommate, to lower expenses for a period of time.

How can I grow financially?

Some strategies for growing your money include using cash instead of credit, avoiding debt, paying bills on time, and eating more meals at home. Look for a financial institution that pays high interest and doesn’t charge fees. Then, apply your savings to investment accounts such as an IRA or employer-sponsored 401(k), which could grow your money over time.

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About the author

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Photo credit: iStock/Eoneren

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Endorsing a check for a minor is a pretty straightforward process. It means printing their name on the back of the check and designating them as a minor. Then, print your name and define your relationship to the minor. Third, sign underneath your name. Finally, it’s a good idea to write the account number so the bank can deposit the check into the appropriate account.

That said, handling a check for your child can raise some issues. After all, how do you endorse a check for a minor if they don’t have a bank account? Fortunately, most banks and credit unions allow parents to deposit such checks into their accounts. You can also use a check made out to a minor as an opportunity to open a custodial account and begin your child’s financial education.

Here are the details on endorsing a check for a minor and how it can facilitate financial literacy.

What Is a Check Endorsement?

A check endorsement is when you sign the back of a check that’s been made out to you. Signing your name on the back and providing your account number allow you to deposit or cash the check. If you have a joint bank account, one or both account holders should sign the check.

Signing over a check is also possible. This is a process that allows you to transfer the right to deposit the check to someone else.

Process of Endorsing a Check for a Minor

Endorsing a check for a minor is similar to endorsing a check for yourself, with a few extra steps in the process. Here’s how to endorse a check for a minor.

•   Flip the check so its back is facing upwards. Print the minor’s name where the endorsement section is. Following the printed name, add a hyphen and write “minor.”

•   Below the minor’s name, print your full name. Following your name, add a hyphen and write the best word that describes your relationship to the minor such as parent or guardian.

•   Finally, sign the check and write your account or the minor’s custodial account number.

Recommended: How Do You Write a Check to Yourself?

Can a Check Made to a Minor Be Deposited Into the Parent’s Account?

Guidelines vary among banks and credit unions for depositing a child’s check into a parent’s account. Generally, banks and credit unions will deposit checks made out to children into the parent’s account. Banks and credit unions usually do this when the child doesn’t have a bank account.

Either way, ask your bank or credit union for their endorsement policy on the child’s checks and endorse them as instructed to ensure you can deposit the check. You may need to provide supplemental documents and your child’s ID.

On the other hand, your bank might encourage you to open a bank account for a minor; you may also hear this referred to as a custodial account for your child. While this account is separate from yours, you’ll control it until your child turns 18 or older.

A custodial account is an excellent way to teach kids money management and show them how to use banking services. Although a minor isn’t technically unbanked if they don’t have a custodial account, opening one can help them acclimate to banks and credit unions and set them up for financial success as an adult.

Recommended: What Does It Mean to Be Unbanked?

Tips for Endorsing a Check for a Minor

With money becoming increasingly digital, matters such as ordering checks and handling them can be challenging for people of all ages. Follow these tips to have a smooth experience when endorsing a check for a minor.

•   Ask your bank for their rules and conditions for how to endorse a check for a minor.

•   Read the front of the check to verify your child is the payee.

•   Print your child’s name and your name on the back and specify who each person is (minor and parent).

•   Adding your account number or your child’s custodial account number under your signature ensures the bank will deposit the money in the correct account.

•   Keep in mind how long checks are good for. Typically, checks expire after six months, so it’s best to endorse and deposit them as soon as possible. In addition, hanging onto a check without depositing it increases the chance of losing it.

Getting Your Child Started With Banking

Opening a bank account for a minor can introduce your child to healthy money management and improve financial literacy. Here are some tips for parents who want to show their children the ropes.

•   Open a custodial bank account. Shop around for a custodial account for your child that can earn an annual percentage yield (APY) and charge no fees. In addition, you can deposit your child’s checks into this account to grow their savings.

   Plus, these accounts usually give control to the parent until your child reaches 18 or older and can take over. You may hear these accounts referred to as UGMA (Uniform Gift to Minors Act) accounts.

   However, for some accounts for minors, your bank may allow joint control between the child and the parent. This may be referred to as kids’ bank accounts at some financial institutions.

•   Involve your child in the process. Instead of managing the custodial account alone, bring your child to the bank to help open the account. They can bring their identification and speak with the banking staff. Ask ahead of time if they offer memorable experiences for children, such as viewing the safe deposit boxes. The more your child enjoys the bank or credit union, the more they may interact with their account.

•   Remind your child that saving is vital. Again, bringing in a real-world example can help. For instance, the next time you have an unexpected expense such as a car repair or emergency dental work, use it as a teaching moment. Explain that saving money helps smooth out financial bumps in the road.

•   Explain financial fundamentals. For example, teaching your child about compound interest can motivate them to save more. You can also create a budget showing what their allowance income lets them afford each month and set long-term goals, such as buying a scooter.

•   Keep up the flow of information as your child gets older. While a first-grader isn’t ready to peruse financial documents, middle-schoolers can begin to understand how to read an account statement from their custodial account. Likewise, your child’s first job can provide a lesson about paychecks and income taxes.

   In addition, the prevalence of phone and internet use has given rise to financial scams over text messages and email. It’s wise to educate and warn kids about this so they don’t become a victim.

The Takeaway

Endorsing a check for a minor requires an additional step or two compared to endorsing your own; the trick is knowing what information you need. Whether you deposit the money into your account or your child’s custodial account, the endorsement process is an opportunity to expose your child to the world of banking. It’s never too early to teach financial literacy, and depositing checks at the bank is a great jumping-off point.

When thinking about your own banking choices, it’s wise to look for multiple better banking features. When you open an online SoFi Checking and Savings account, for instance, you can take advantage of a competitive APY and not pay any account fees that can nibble away at your balance. Plus, SoFi offers features like Vaults and Roundups to help savings grow faster, and qualifying accounts with direct deposit can get paycheck access up to two days early.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy 3.30% APY on SoFi Checking and Savings with eligible direct deposit.

FAQ

Can a child endorse a check?

A child too young to write or sign their name cannot endorse a check. For older children, banks and credit unions generally require parents to write and sign their name under the child’s name. They also must include their relationship to the child and add the account number for the deposit.

Can a minor deposit a check into their own account?

A minor can deposit a check into their account if their parent or guardian endorses it and if the minor is old enough to use banking services. Each bank or credit union sets rules for how old a minor must be to access banking services.

Can you use mobile deposit to endorse a check to a minor?

You can use the mobile deposit to endorse a check for a minor by printing their name on the back of a check with a hyphen and the word “minor.” Then, under the minor’s name, print your name with a hyphen and the word “parent” or another descriptor for your relationship with the minor. Then, sign the back and write your account number or the minor’s custodial account number. Lastly, use your phone to complete the check’s mobile deposit.

How can a minor cash a check?

A minor can cash a check if their parent or guardian endorses it and the minor is old enough to use banking services. Each bank or credit union determines the age requirements for banking services.

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About the author

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Photo credit: iStock/Drazen Zigic

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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If you’ve ever wanted to check your credit score and do so without dinging your score or paying a cent, guess what? It’s possible. You can get that important three-digit number from a number of sources. In fact, your bank or credit card company may provide just what you are looking for.

Why is your credit report intel such a gift? Because keeping tabs on your credit scores can help you spot potentially fraudulent activities or discrepancies. It can also help you monitor your progress if you’re working hard to establish your credit or have a stellar financial profile. Higher scores may well unlock lower loan rates and other benefits.

What Is a Credit Score?

A credit score is a three-digit number that lenders and creditors use to assess your creditworthiness. In other words, it helps lenders decide the probability of you repaying a loan or a line of credit in a timely manner based on your past behavior.

Credit scores are usually broken down into two types: custom and generic scores, and this may explain why you have different credit scores depending on where you check.

While different algorithms are used, your credit score usually reflects such factors as how much money you have borrowed, whether you manage it well and pay it back on time, the length of time you’ve been borrowing money, and what kinds of credit lines you have used (you’ll learn more about this below).

•  What are known as generic credit scores are the ones reported by the three major credit bureaus, Experian, Equifax, and Transunion. They utilize Information from lenders and businesses to come up with their figures.

•  Conversely, individual lenders may create custom credit scores to determine your likelihood of repayment. These scores include credit reporting from the three credit bureaus and other data. This type of credit score is often meant to determine your creditworthiness with regard to a specific type of lending (like a mortgage) or a particular lender.

Examples of custom scores are FICO® scores and VantageScore®; these companies have their own guidelines to determine your credit score. Worth noting: FICO scores are the ones that many lenders and creditors use when they evaluate a candidate for credit.

💡 Quick Tip: An online bank account with SoFi can help your money earn more — up to 3.30% APY, with no minimum balance required.

What Your Credit Score Means

Now, here’s how to understand the number itself. Credit scores typically range between 300 and 850. Usually, the higher your credit score, the less risky you are perceived in the eyes of lenders. That may mean you get a better (lower) interest rate on loans, among other perks.

A bad credit score can result in your paying more to borrow money or even being declined.

The FICO ranges look like this:

•  Poor: 300-579

•  Fair: 580-669

•  Good: 670-739

•  Very good: 740-799

•  Exceptional: 800-850.

Credit Score vs. Credit Report

Here’s one important distinction to be aware of: Your credit score and credit report are two very different things, even though they may sound similar.

•  Your credit score is the three-digit number that reflects your creditworthiness; that is, how likely you are to manage a line of credit or loan well and pay it back on time.

•  Your credit report, however, is a record of your credit activity and history. It will reflect how much you’ve borrowed, how promptly you have paid, and more details. Typically, negative information on your record can go back seven years.

Both of these sources of information can help lenders (say, for a mortgage, car loan, or new credit card) evaluate how well you have handled credit in the past and how well you might do so in the future.

How Do I Check My Credit Score for Free?

Next, here’s how to find out your credit score for free.

•  Check with your bank. Most banks provide customers with their FICO number or another credit score for free. Your bank is the hub for so many aspects of your financial life, it’s likely they will help you out by allowing you to view your score at no charge.

•  Ask Experian. You can get your free FICO score from Experian.

•  Ask your credit card company or lender. You might be able to view your credit score by logging into your account. If not, your creditor or lender can point you in the right direction to access your score.

•  Ask a credit counselor. Often, credit counselors can help you scratch that “How can I check my credit score for free?” itch. To find one in your neck of the woods, you can visit the nonprofit National Foundation for Credit Counseling, or NFCC.

•  Sign up for a free money management app. Lots of choices are out there if you are looking for a money tracker app that lets you view your accounts, budget, and optimize spending. Many offer a free credit score.

You can get free credit reports but not credit scores from AnnualCreditReport.com. It’s a good idea to check your credit reports at least once a year.

Recommended: Track your credit score for free with SoFi.

How Are Credit Scores Determined?

Knowing what contributes to your credit score can help you get yours into the desired range. Here are some of the key factors that influence a FICO score:

•  35%: Payment history, or the timeliness of past payments

•  30%: Amounts owed, or how much credit you have used, especially vs. your available credit. (This can include your credit utilization ratio, which is the percentage of credit you’re using versus your limit. Ratios of 30% is often considered the limit of what you want to use, and many believe that 10% is a more financially prudent number.)

•  15%: Length of credit history; a longer credit history tends to be positive. How long you’ve had accounts and how frequently you have used them can matter.

•  10%: New credit, or whether you’ve opened a number of accounts recently. Doing so can make you look like more of a risk to a lender.

•  10%: Credit mix, or what kinds of accounts you’ve had, such as a home loan, retail accounts, car loans, and so forth. There isn’t a specific assortment you need, but this is a variable that will be factored into your score.

Learn more about credit here:

Can I Check My Own Credit Score Without Affecting It?

You may have heard that a credit score check can lower your number. In some cases, it can. Typically, this happens when what is known as a hard pull or hard inquiry happens, which is when a potential lender or other entity reviews your credit details.

But when you check your own credit score, it won’t affect those digits. Pulling your score is referred to as a soft inquiry, and you can do so without affecting your credit score. At the very least, you should review your numbers before applying for any financing like a home or auto loan or a new credit card.

💡 Quick Tip: When you overdraft your checking account, you’ll likely pay a non-sufficient fund fee of, say, $35. Look into linking a savings account to your checking account as a backup to avoid that, or shop around for a bank that doesn’t charge you for overdrafting.

What Credit Checks Can Hurt My Score?

You may wonder when credit checks can hurt your score. When you apply for new credit, the lender or creditor will conduct what’s known as a hard inquiry. This can indeed impact your score. For every new hard inquiry, your credit score may drop up to five points.

When a potential lender looks into your file, it indicates that you may plan to take on more debt. Hence, the score drops. If you have several hard inquiries back to back, your credit score may decrease more than a few points. Some hard inquiries that could affect your credit include:

•  Applying for a mortgage, auto loan, or personal loan

•  Submitting a new utility application

•  Applying for a new credit card

•  Requesting a credit limit increase

•  Renting an apartment.

Take note, though: Credit bureaus consider rate shopping a financially responsible move and treat it differently than a standard hard inquiry.

When you’re rate shopping, FICO considers all inquiries when applying for student loans, auto loans, or mortgages a single inquiry as long as applications are submitted within a 45-day window. However, some lenders use the older FICO model, which has only a 14-day window for application submissions. If you are looking for a loan, keep these time frames in mind so your research doesn’t wind up decreasing your credit score.

Recommended: How Student Loans Affect Your Credit Score

Why You Should Check Your Credit Scores

Monitoring your credit scores is important, and to do it for free is that much better. Here are some of the most important reasons to review your numbers:

•  You can spot discrepancies or potential fraud. Out-of-the-ordinary activities will reveal themselves when you keep tabs on your credit scores. You can immediately spot red flags when something seems unusual (say, a score drops 40 points for no reason). This way, you can act right away, work toward getting your score back on track, or file a dispute if you detect fraud.

•  You can gain insight into your financial situation. Understanding your credit scores can help you determine if you’ve been tracking your spending and debt vs. your income well.

It might also reveal if it could be a good time to purchase a home or refinance your mortgage. For example, if a score is less than ideal, you may want to hold off on making big moves until you work on your score. The delay may help you qualify for more favorable terms and interest rates.

•  You can better compare financial products. Lenders have different criteria and credit score requirements to qualify for specific products. So knowing your credit scores can help you determine if applying for a particular product is worth it or if you should explore other options.

•  You can pinpoint ways to positively impact your scores. If your score isn’t where you’d like it to be, don’t just assume the answer to “Am I bad with money?” is yes and stagnate. Instead, you might use it as motivation to build your financial literacy.

Having a handle on a credit score as well as the factors used to calculate it can help you optimize it. Some resources and websites may offer simulations so you can see how changing certain factors will alter your credit score. Then you can summon some financial discipline and work to improve your money habits as necessary.

How Often Should You Check Your Credit Scores?

Financial experts usually recommend checking your credit score and credit report at least once a year. If you have reason to believe you are vulnerable to fraud (say, your credentials were involved in a data breach) or you are gearing up to apply for a loan, you may want to check more often.

The Takeaway

There are several free ways to access your credit scores, such as through your bank, a lender, a credit monitoring website, or a credit counselor. Accessing your score regularly can help you ensure there is no fraudulent activity while also making progress toward your financial goals. It can also help you optimize your scores so you can enjoy the best possible rates on credit as well as other benefits.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy 3.30% APY on SoFi Checking and Savings with eligible direct deposit.

FAQ

What are some resources available to help me improve my financial literacy?

To improve your financial literacy, you might want to start with your bank. They likely have a library of content about financial topics and tools for improving your financial health. In addition, there are plenty of well-regarded books and podcasts on the topic.

How can I involve my family in developing good financial habits?

To involve your family in developing good financial habits, you might have family meetings and share information about the household budget and how you are managing the money. You could then set short-term goals they can have input on and participate in achieving, such as cutting the food or entertainment budget or finding ways to save for a family vacation.

How can I stay motivated to continue developing good financial habits over time?

There are several ways you can stay motivated and keep developing good money habits. Try surrounding yourself with like-minded people or those that share a specific goal, such as paying off student debt, to support one another and share ideas. Use apps to simplify your financial life and perhaps boost your financial health (say, with a roundup function). Reward yourself within reason when you do a good job meeting a financial goal, like adding to your emergency fund for several months.

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Photo credit: iStock/Anchiy

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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Achieving your financial goals in life isn’t just about how much you earn; it’s also about your money mindset. Some of our most deeply held beliefs are about money. What does financial success look like to you? Do you think of yourself as a spender or a saver? Do you avoid talking or thinking about money? The answers to these questions all reflect your money mindset. Changing these ideas can be challenging but worth it.

To create a solid financial future, it’s essential to have a strong, positive money mindset. So, if your financial habits need a little (or a lot of) work, here’s how to change your money mindset. Read on to learn:

•   What is a money mindset?

•   What is a negative money mindset?

•   How can I change my money mindset?

•   Why is reshaping my money mindset important?

What Is a Money Mindset?

Your money mindset is your approach to handling money. It determines your spending and saving habits as well as your motivations for your financial management.

Whether you are aware of it or not, everyone has a money mindset — a collection of beliefs starting from childhood that shape what you do with your money. (Your money mindset could even be, “I never think or talk about money.”)

Your money mindset can lead to both positive and negative financial decisions.

For example, have you automated your savings, or do you think saving isn’t something you need to or can focus on just yet? Do you use a budget? Can you treat yourself occasionally, or is buying a $5 coffee not a part of your financial plan? Your money mindset characterizes your relationship with money, and so it is essential to understand and possibly tweak it.

What Is a Negative Money Mindset?

A negative money mindset is a set of unhelpful financial beliefs that can lead to poor resource management. It often involves a constant feeling of stress or guilt regarding money or simply disorganization. It may also involve the belief that “if I just made more money, things would change or all my problems would be solved.” While a higher salary or inheritance might help you toward your financial goals, having more money won’t necessarily change your financial mindset.

While it may seem counterintuitive, your income level doesn’t automatically determine your sense of financial freedom. Additionally, it’s worth noting that your money mindset exists whether you’re conscious of how it influences your behavior or not.

Here are some examples of the ways in which a negative money mindset might have a bad influence on your life:

•   You might spend too much money due to comparison with others. You see a friend or colleague renting a pricey apartment and think you should too. That can be an aspect of lifestyle creep, in which your spending increases as your income grows, preventing you from saving and acquiring assets.

•   You might not save for long-term goals, like a house or retirement, because your parents never wanted to talk about money when you were growing up.

•   Because money stresses you out, you might fail to set financial goals, like paying off your student loans on time.

If it feels like you’re in this negative zone when it comes to your finances, know that you are not saddled with it for life. We’ll explore how to develop a money mindset that’s more positive and productive later in this article.

How Your Beliefs on Money Affect Your Finances

Your primary, most powerful beliefs about money most likely come from your parents and your childhood. Children typically absorb financial beliefs from the most influential people in their life. Then, as they grow older and begin handling money, they live out those financial beliefs, for better or worse.

For example, if your parents modeled money as a way to pamper yourself, you may find that you impulse-shop when life becomes challenging. Your money mindset is that spending equals financial self-care.

On the other hand, you may have a reputation among your friends as “cheap” because you grew up in a penny-pinching household that considered luxuries a waste of money. In both cases, your money mindset puts your financial habits into motion.

These examples underscore that children tend to mimic the behaviors of their parents and adopt their money habits in their own adult life. But in some cases, it’s the opposite. Some people will go to great lengths to not be like their parents. For example, if your parents refused to buy anything that wasn’t on sale when you were growing up, you may make a point of never looking at price tags as an adult.

Why Reshaping Your Money Mindset Is Important

It’s crucial to address negative money mindsets. Otherwise, you’ll likely continue to act on the same faulty beliefs, which can keep you from building the balance in your savings account and reaching your financial goals.

Recognizing an unproductive facet of your money mindset gives you the power to change it. By asking yourself questions about how you currently treat your money and how you’d like to change, you can reorient yourself and create a long-term financial plan. In fact, reshaping your money mindset may include setting financial goals for the first time in your life.

By changing your money mindset you can take full control of your finances, break bad spending habits, and reach your goals.

How to Change Your Money Mindset

While your upbringing and core experiences impact you in significant ways, you have the ability to recast your money mindset or create an all-new one. When reshaping your money mindset, the following tips can help you transform unhelpful financial behaviors into life-changing, literally enriching habits.

Success With Money Is a Possibility

One key to changing your money mindset is to increase your confidence in your abilities. Don’t count yourself out because of your background or financial circumstances — it’s possible to change these patterns.

Whether you’re working up the courage to sit down and make a beginner’s budget, tackle lingering debts, or give yourself permission to make a fun but totally unnecessary purchase, believing it’s possible is crucial for your success. Perhaps saying affirmations will help you, or maybe reading about others who have attained what you are dreaming of will work best. The right technique is a personal decision.

Understanding Why You Feel This Way

Money is emotional for everyone. Feeling anxious, worried, or excited about your money is normal. Our emotions are rooted in beliefs; therefore, you might feel elated or stressed on payday depending on the beliefs you’re associating with your money. You might crave the feeling of going shopping or you might wake up in the middle of the night worried about your car payments.

Delving into how much money you have coming in and going out can help you better manage your funds. If you have a financial plan that allows you to sock money away and also treat yourself a few times a month, getting paid might create feelings of satisfaction or confidence. Hence, your money mindset is creating positive emotions for you. However, if your paycheck reminds you of your mounting bills, it’s probably time to identify where these feelings are coming from. This way, you can start shifting your money mindset to elevate the stress and anxiety.

Additionally, the more you avoid money, the more intimidating it can feel. Even people with plenty of income might run from figuring out their living expenses because it sparks negative emotions.

Avoid Comparing Yourself to Peers or Social Media Standards

Parents aren’t the only ones who influence your money mindset. Peers and mainstream culture send messages about what success looks like or how to best manage your money.

But what others do or think is irrelevant to your money situation. Also, what works for someone else may or may not work for you, especially if you have different goals. Plenty of general financial principles are worth adhering to, but even those aren’t set in stone. For example, a common guide for budgeting is the 50/30/20 rule, which advises dividing up your take home income like so: 50% on necessities, 30% on wants, and 20% for savings and debt repayments beyond minimum. If you live in a high-cost area, however, earmarking 50% of your income for your needs may not be enough, since you may need to put a large portion of your income towards housing. So, you may need to adjust certain “rules” to fit your situation

Overcoming Your Financial Fears

Change can be scary, and so can money, so cut yourself some slack if you’re afraid of changing your money mindset. It can be comfortable to settle back into the familiar, even when it’s not working.

However, overcoming financial anxiety and developing a positive money mindset is possible. Forge ahead at your own pace, and explore your money mindset: What are the things that worry you about money? Where are your biggest fears coming from?

As you unpack that, remind yourself of your motivation to change. Keep your goals at the forefront, and encourage yourself to take a step in that direction. Taking a small but concrete action toward your goals is how to develop resilience, a key characteristic for succeeding in life.

Recommended: Should You Pay Off Student Loans or Invest?

Avoid Dwelling on the Past

As you attempt to change your money mindset, there may be errors from the past sticking in your mind, reinforcing the idea that you are bad at financial management. Dwelling on the past can stop you from creating a different future. The failures, mistakes, and traumas from the past are real — but they don’t have to define you. For example, if you’ve endured a romantic breakup, that doesn’t mean you can’t date again and find love. In the same way, just because you had too much credit debt recently doesn’t mean you can’t get that issue wrangled.

It’s a good idea to jettison this kind of looking-back viewpoint. Instead, try putting your efforts toward what you can change in the present and strive to achieve in the future.

The Takeaway

Your money mindset is the attitude and beliefs that form your relationship with your personal finances, and it drives your financial habits. Since most people pick up unhealthy financial habits along with healthy ones, it’s crucial to recognize the financial beliefs that aren’t serving you. Then you can set about changing your money mindset and shifting your behavior to better achieve your goals.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy 3.30% APY on SoFi Checking and Savings with eligible direct deposit.

FAQ

How do I get rid of a money scarcity mindset?

The belief that you never have and never will have enough money is part of your money mindset. To change that belief, identify where the mindset came from and make a positive change, such as setting a small savings goal and achieving it.

What is a poor money mindset?

A poor money mindset consists of unproductive beliefs about money that lead to negative financial decisions and habits. An unhealthy relationship with money when growing up or having made past financial mistakes can create a poor money mindset.

How is a money mindset formed?

You form your money mindset through the financial beliefs you hold as true. Your childhood, peers, and financial successes and failures help define your money mindset.

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About the author

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Photo credit: iStock/gorodenkoff

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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