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A common recurring bank fee is the minimum balance fee, also known as the monthly account maintenance or service fee. This fee generally kicks in if your account balance drops below a certain amount at some point during the month.

Fortunately, monthly account fees aren’t just something you have to accept. Read on to learn more about minimum balance service fees, including how to know if your bank charges them, and what you can do to avoid monthly maintenance fees entirely.

Minimum Balance Fee Definition

A minimum balance fee is a fee that many banks charge when your account balance dips below a certain dollar amount. For example, if the minimum balance required in your checking account is $500, but you only have $450, you would be charged a minimum balance fee.

These fees are often presented as account maintenance charges, with exceptions for account holders who maintain a monthly minimum balance in their account. Typically, the major national banks require you to maintain a minimum balance of around $300 to $500, although it can be more (say, $1,500), to avoid monthly service fees.

There are different types of minimum balance requirements. A bank may define a minimum balance in one of these three ways:

•   Minimum balance This typically means your account balance cannot drop below the specified amount at any time during your statement cycle or you will be charged a fee.

•   Minimum daily balance Often used for checking accounts, this means your balance can drop below the required amount at any point during the day as long as you meet the balance requirement at the end of the business day.

•   Average minimum balance Here, the bank takes the amount of money in your account at the end of each day during a statement period and divides it by the number of days during the statement period. If your average balance was below the minimum, you would get hit with a maintenance fee.

How Much Is a Typical Minimum Balance Fee?

As of mid-2025, on average, financial institutions are charging around $5 to $25 per month in maintenance fees, with interest checking accounts tending to charge more. That adds up to between $60 and $300 per year. Keep in mind, though, that this is just the average — minimum balance fees can be even higher at some banks.

Minimum balance fees are typically automatically deducted from your account.

6 Tips for How To Avoid Minimum Balance Fees

There are a number of ways to avoid getting hit with a minimum balance fee. Here are some to consider.

1. Keeping Your Account Above the Minimum Balance

Perhaps the most obvious way to avoid a minimum balance fee is to keep your account balance above the stated minimum amount. However, this might take some effort on your part.

First, you’ll need to read the fine print in your account information or contact your bank to find out what the minimum balance is and — equally important — how it’s calculated. In some cases, you may be penalized for having your savings or checking account balance dip below the minimum at any point. In others, the bank will look at the balance at the end of each day or average your daily balances for the statement period.

If it’s an account you pull from frequently (like a checking account), you’ll need to pay close attention to your balance to avoid fees. You might want to set up an alert for any time your account dips below a certain amount.

2. Linking Your Accounts

Another possible strategy is to link multiple accounts you have at the same bank. In some cases, banks will look at your combined account balance (such as your checking and your savings account balance) to determine if you’ll owe a service or maintenance fee. This may or may not be an option where you bank, so again, you’ll want to look into the details of your account.

3. Enrolling in Direct Deposit

You may be able to avoid minimum balance fees by signing up for direct deposit. This allows your employer to send your pay straight to your bank account. While the main benefit of direct deposit is the convenience, many banks provide added incentives to account holders who are paid this way, including monthly fee waivers.

Some banks will require you to receive a certain amount of money in direct deposits each month to dodge monthly fees. If so, you won’t want to distribute your income to more than one account. Rather than split your direct deposit between checking and savings, for example, you might have it all go to checking and then transfer some of that money into savings each month.

4. Using Your Debit Card More Often

Some banks will waive monthly maintenance fees for account holders who use a debit card linked to the account a certain number of times each month, often around 10 transactions. The reason is that whenever you swipe your debit card, the merchant pays your bank a transaction fee; these fees can make up for the loss of your monthly account fee.

5. Opting Into Paperless Statements

Some banks will waive monthly fees as long as you opt into e-statements. This means that instead of getting a paper statement in the mail every month, you’ll simply access it by logging into your account online (where you can view, download, or print your statements) or via your bank’s mobile app.

Recommended: Guide to How Much ATMs Charge

6. Hunting for a No-Fee Bank Account

One surefire way to get rid of minimum balance fees is to switch to a bank that doesn’t charge them. Online banks generally charge fewer fees because without brick-and-mortar branches to maintain, they have less overhead. In addition, they tend to offer higher annual percentage yields (APY), which makes it even easier to save each month.

If you’re in school, keep in mind that a number of banks offer no-fee checking accounts to college students. To open a student account, you typically need proof of student status (such as a college ID, an admittance letter, or a transcript).

Recommended: How to Make Money Fast

The Takeaway

A minimum balance fee is typically applied to certain bank accounts when the amount on deposit falls below an agreed-upon threshold. Not all accounts charge this kind of fee. It may be offered in exchange for certain perks, such as a higher interest rate. If you want to avoid account fees, you can look for a fee-free bank account.

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.

FAQ

How do you avoid minimum balance fees?

Some ways to avoid minimum balance fees include keeping your balance above the minimum; opening both a checking and savings account at the same institution; making a certain number of debit card transactions each month; setting up direct deposit; and finding a bank with no minimum balance requirements.

Why do banks charge minimum balance fees?

Banks charge minimum balance fees for several reasons. One is that it allows the bank to have more deposits, which in turn allows them to lend more money and maintain certain regulatory reserve requirements. Minimum balance fees also help banks cover the cost of maintaining your bank account, plus earn a profit.

What is the penalty for being under the minimum account balance?

Possible penalties for having less than the required minimum in your bank account include getting hit with a fee, receiving less (or no) interest for that statement period, and having your account closed.

About the author

Julia Califano

Julia Califano is an award-winning journalist who covers banking, small business, personal loans, student loans, and other money issues for SoFi. She has over 20 years of experience writing about personal finance and lifestyle topics. Read full bio.

SOBNK-Q325-034

Verifying a check can help you avoid the frustration and fees that can be involved when you deposit a fake check or one that bounces.

Perhaps you have received a check from someone you don’t know well, or the check appears odd, or you are simply aware of the fake check scams out there and prefer to be cautious with your bank deposits.

To help you avoid counterfeit checks, learn how to verify a check here. This can help cut down on the likelihood that you will be involved with fraudulent activity or simply a check that bounces.

What Is Check Verification?

Check verification is a process in which the payee, or recipient of a check, confirms that the check is valid and good. In other words, you are making sure that the check can be cashed, that it is not fraudulent, and that it will not bounce and trigger fees.

At a time when there’s a significant amount of fraudulent activity and fees, this can be a valuable process, saving you time, energy, and cash.

Verifying a Check

If you’re curious about how to validate a check, know this: Banks must process check funds quickly, sometimes as fast as two days by law. The bank may say that a check has cleared and the funds are available for use, but this doesn’t necessarily mean that the check is valid.

It can take a few weeks to identify a fake check in some cases, and by that time it might be too late. You, the recipient, may have thought the funds were available and tried to use them.

To determine if a bank check or cashier’s check (vs. an electronic or e-check) is valid, consumers may have to do more than just a physical inspection of the check.

Here are a few ways to identify if a check is fake or valid.

•   Ensure a legitimate bank issues the check. Although a valid bank might issue some fake checks, a sure giveaway of a fake check is that a fake bank name is on it. To locate an FDIC insured bank in the US, consumers can use the FDIC BankFind Suite.

•   Call the bank the check is from. Look up the bank’s phone number on its website instead of using the phone number listed on the check. The number on the check might be a part of the scam, so it’s essential to call the official direct line to confirm the check’s validity. The bank might need the check number, issuance date, and amount to confirm if the check is real.

•   Complete an ABA routing number lookup. Developed by the American Bankers Association in 1910, the ABA routing number identifies the financial institution responsible for the payment. To make sure a check is valid, use a routing number lookup system for verification.

•   Take into consideration the origin of the check. If the check came from an unknown source, it’s wise to be skeptical of the payment. Scammers usually communicate via email or text message, which may contain grammatical errors.

•   Confirm the address the check was mailed from. If a check has a postmarked address that doesn’t match the issuing bank, it may denote a fake check. Be extra wary of any check that is sent from overseas.

•   Look for watermarks, security threads, or other security features printed on the check. If a scammer copies any of these features, the quality is often questionable.

•   Compare the check amount to the request. If the check amount is greater than the expected amount, this is a sign of a hoax the scammer may use to get the check receiver to wire funds back to them when the check is deposited.

Check Verification Services

If you receive a considerable number of checks on a regular basis (say, you run your own business), you might want to look into check verification services that help with this process.

If you hire one of these services, they can help you figure out if the check is likely to be good. They can reveal if the check comes from someone with a record of trying to pass off bad checks. They cannot confirm that a check is written against an account with sufficient funds, but they can help you avoid depositing a check from someone with a suspicious history.

4 Ways to Tell if a Check Is Fake

Wondering how to know if a check is fake? There may be some telltale signs that a check is bogus. Learn what to look for.

Feel the Check’s Edges

Legitimate checks will have one or more edges that are rough or perforated. If a check feels smooth all the way around, it could be fake.

Inspect the Paper

An authentic check is printed on thick, matte paper, not flimsy stock. Thin paper can indicate a fake check.

Double-check the Check Number

Check numbers appear in two places on legit checks: both the upper right-hand corner and on what’s known as the MICR, or the magnetic ink character recognition line at the bottom.

If the numbers don’t appear in both places and match, you could be holding a bogus check.

Zero in on the MICR Line

As mentioned above, the MICR line contains important information. If the printing there looks raised or shiny, the check could be fake. You could also run a damp finger over the printing. If it smears, sorry: The check is likely fake.

Verify the Bank Address

Checks should have the bank address printed right on it. You can compare this to the official bank address and make sure they match up. Also, a PO box as the bank address can be a red flag that the check is not authentic.

Verifying Funds on a Check

As you work to verify a check, it’s important to remember one thing: When you verify funds, that is not a guarantee that the money will be available when you go to cash the check. The funds may be available at that moment, but you cannot put a hold on the cash nor reserve it. When you actually deposit the check, it could bounce.

Unless the check is an authentic certified check or cashier’s check, there is still the possibility that it might not clear.

Recommended: How to Write a Check to Yourself

4 Check Scams to Look Out For

Although criminals are coming up with new bank fraud ploys all the time, there are a few current common scams to be aware of.

1. Get Rich Quick Scams

In this scam, the scammer contacts a check recipient and says that they won the lottery or are entitled to an inheritance, usually from another country. The scammer says they will send a cashier’s check with the proceeds, but the recipient must pay the fees and taxes. So, they are instructed to deposit the funds and wire money to the scammer for taxes and fees.

2. Online Auction and Overpayment Scams

Some scammers may visit an online auction site or classified listing site and bid on an item, pay in advance for a service, or rent an apartment. The scammer will then send a cashier’s check, usually for more than the price agreed upon. Once you bring this to their attention, they will request the recipient to deposit the check and then send the extra funds back to them before you find out the check was fake.

Or the scammer might overpay a person for an item being sold on Facebook Marketplace or Craigslist and ask for the overpayment back as cash. The payee only finds out too late that the check bounces.

3. Secret Shopper Scams

With secret shopper scams, scammers pretend to have a job opportunity that allows employees to work from home. The scammer may send a check as a starting bonus and request the employee pay the activation fee. The hope is that the scammer receives the funds from the activation fee before the fake check bounces.

Another way secret shopper scammers take advantage of people is by hiring someone and stating their first assignment is to review retailers that sell gift cards. In this case, the shopper may get a check with instructions to deposit it into their account and then wire the funds to a third party. Unfortunately, once the funds are wired to someone else, the third party vanishes.

4. Personal Assistant Scams

Scammers sometimes try to hire personal assistants online. Once the scammer hires someone, the scammer may send a check and tell the new employer to use the money to purchase gift cards, supplies, or equipment for the client. After the scammer receives the gift card PIN, they can use the funds right away. This will leave the personal assistant without the money when the bank determines the check is counterfeit.

Taking Action If You’re Scammed

If you have wired funds to a scammer, reach out to the company transferring the money as soon as possible, reporting the fraud, and filing a complaint.

Two commonly used money transfer companies are Western Union™ and MoneyGram®, and both have departments dedicated to fraud awareness. If you think you may have been scammed, you can report suspected fraud to the money issuer by phone.

• Western Union Fraud Hotline at 1-800-448-1492.

• MoneyGram Customer Care Center at 1-800-933-3278.

Both companies also have online forms that can be used to report suspected fraud. You can request a transfer reversal and, while it’s unlikely they will do this, it’s essential to ask at least.

If you used a money order to pay the scammer, reach out to the money order issuing company. Ask if you can request a stop payment or if they can track the money order and stop the delivery of the money.

If you sent the money order by US mail, try reaching out to the U.S. Postal Inspection Service® or another service carrier you used.

In the event that the scammer requested gift cards, contact the gift card issuing company immediately and explain that the company’s gift cards were used in a scam. If you contact them quickly, they might be able to refund the money. Remember, gift cards are not a form of payment, they are a gift. It’s a red flag if someone is trying to pay you using gift cards.

Recommended: Passive Income Ideas

The Takeaway

Verifying a check can help you avoid have a check bounce, with all the frustration and fees that can involve. Inspecting the check visually and checking details about the bank that issued it are a couple of the ways that you can verify a check. Also, while you can’t prevent fraudsters from attempting to steal your money, you can take steps to keep your money safe by using a secure bank account.

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.

FAQ

How can you verify if a check is valid?

There are several ways to verify if a check is valid, including confirming the bank information, checking the routing number, and inspecting the paper and ink.

Can you verify a check online?

There are ways to validate a check online in certain situations. For businesses that receive a significant number of electronic checks, or e-checks, online verification can be a tool that helps reduce the risk of depositing checks that will bounce.

What is a check verification system?

A check verification system is typically a business that verifies a bank account status in real time to determine if a check is drawn on a valid account. There are also systems consumers can use to verify a check, such as confirming the ABA number and inspecting the ink and the paper.

Photo credit: iStock/andresr

About the author

Ashley Kilroy

Ashley Kilroy is a seasoned personal finance writer with 15 years of experience simplifying complex concepts for individuals seeking financial security. Her expertise has shined through in well-known publications like Rolling Stone, Forbes, SmartAsset, and Money Talks News. Read full bio.

SOBNK-Q325-049

It’s human nature to wonder how you compare to everyone else. And that goes for money, too. For instance, are you spending more or less on housing? Food? Transportation?

In total, the average single person spends about $4,641 per month, according to the most recent (2023) Consumer Expenditure Survey from the U.S. Bureau of Labor Statistics (BLS).^[1] The numbers may be slightly higher for 2024. According to 4th quarter 2024 U.S. Bureau of Economic Analysis, the average monthly spending for a single person was $4,948 per month, when seasonally adjusted.^[2]

Of course, monthly expenses will vary depending on where and how you live. Still, knowing where you stand can help you budget better and see how your spending stacks up against other people’s outflow of cash.

Here, you’ll get a sense of how much an average person might spend per month so you can consider how your own budget looks.

Average Monthly Expenses in 2025

Housing

Housing tends to consume the highest portion of monthly income. Using BLS statistics, the average spending on housing is $1,684 per month for one person.^[1] Typically, single people devote more of their monthly income to housing (around 36%) than those living as a married couple or family (around 31%).^[3]

Costs can also vary significantly depending on whether you live alone (more costly) or have one or more roommates (less costly). That’s important to consider when estimating expenses and making a monthly budget.

Where you live can also have a major impact on your monthly housing costs. A single person living in a studio will generally spend more on housing in New York City than they would in a more affordable metro area. According to RentHop, the average price for a studio (one-room) rental in New York City was $3,550 in April 2025,^[4] compared to $2,450 in Oklahoma City, Oklahoma.^[5]

Transportation

Transportation costs can vary depending on your mode of transport (i.e., car vs. bus vs train), as well as what region of the country you live in.

But one thing that holds true for many of us: Transportation often accounts for the second-largest budget item, after housing.

The average single person shells out around $756 per month on transportation, including car or public transportation, gas, insurance and other related expenses, according to BLS statistics.^[1] Of course, you can take steps to lower those costs as needed, like learning how to save money on gas.

Health Care

Health care expenses can vary depending on each individual’s circumstances, and can also rise and fall from one month to the next. For example, there may be some months where unexpected medical costs crop up (such as emergency care), and other months where you only need to cover insurance premiums.

What you’ll have to spend on health care will also depend on where you live and what type of insurance coverage you choose. According to the BLS survey, individuals spend an average of $367 each month on health care.^[1] That number could be higher, however, for those who aren’t covered by an employer plan.

According to the Economic Policy Institute, an individual living in Columbus, Ohio spends about $470 per month on health care, including insurance premiums and out-of-pocket costs, assuming they purchase the lowest cost bronze plan on the Affordable Care Act health insurance exchange. That number rises to $696 per month for a single person living in New York City.^[6]

Recommended: How to Save Money Daily

Food

Everyone’s gotta eat, and the average single person spends about $572 on food per month, including food eaten at home as well as away from home, according to BLS data.^[1] However, the monthly cost for food for one person can vary widely depending on age, income, location, and eating habits.

While some monthly costs, like rent, are fixed, food is an area where consumers can often find savings if they need to reduce monthly spending (such as getting serious about meal planning and choosing lower cost brands at the supermarket).

Cell Phone

The average monthly cost of a cell phone plan is $141 per month, according to J.D. Power’s 2024 U.S. Wireless Retail Experience Study.^[7]

The good news? If your budget is particularly tight, you could spend as little as $25 a month for basic service and a monthly cap on data.

Utility Bills

After you’ve saved up and carefully budgeted to buy a home, you probably don’t want to be surprised by a higher-than-expected utility bill. The average monthly electricity bill in the U.S. is $137 per month, while the average monthly bill for natural gas runs around $69, according to Move.org.

Your monthly utilities may also include water, which runs $47 per month on average. Other monthly utility costs you may need to cover (and their average monthly costs) include: sewer ($65), trash ($62.50), and internet ($77). Americans also cough up an average of $59 monthly for streaming services.^[8]

Clothing

The average single adult spends about $123 on clothing per month, according to BLS data. If your budget is tight, this is one category where you can often pare back spending, whether by shopping your closet, hitting the sales racks, or bringing older clothes that need repairs or fit adjustments to the tailor. A clothing swap with friends can be another option.

Gym Memberships

The average gym membership runs anywhere from $10 to $100 per month, depending on location and amenities. If you can find one on the lower end of that range, it could be a good deal if you use it regularly.

If, however, you aren’t really using that membership or it’s too pricey for your budget, you could try going outside and hitting the pavement, joining an exercise meetup group, watching YouTube videos, and/or picking up some dumbbells and exercise bands to workout at home.

Recommended: Cost of Living per State

Getting Your Monthly Expenses in Check

Knowing the average cost of living can be helpful when you’re trying to determine how much of your budget you may need to allocate to different spending categories. (If you’re thinking, “What budget?” it’s likely a wise move to get busy creating a budget.)

These average monthly expenses shared above, though, are just that — averages.

To fine-tune your budget, and make sure your spending is in line with both your income and your goals, it’s a good idea to track your own spending (which means every cash/debit card/credit card payment and every bill you pay) for a month or two.

There are a few options for tracking spending. One easy method is to make all purchases for the month on one debit card or credit card, then, at the end of the month, take note of all the purchases made.

Another option is to use an app (your bank may provide a good one) that can help you log and track your spending. At the end of the month, you can then see everything you spent, as well as allocate each expense into key categories, such as housing, transportation, food, health care, etc.

You can then see how your spending compares to national averages, as well as where you might want to tweak things. For instance, if you don’t have enough at the end of the month to put any money away into your retirement fund, you might want to pare back non-essential spending (such as restaurants, clothing, gym memberships).

The same holds true if you haven’t been able to put money towards an emergency fund, which is an important safety net if you were to endure an emergency such as a job loss.

Recommended: Emergency Fund Calculator: Calculate How Much to Save

The Takeaway

Whether you’re creating a new budget or refreshing an old one, you’ve probably noticed how important (and tricky) it is to get your monthly expenses right.

Knowing the average amount people spend to live can help you figure out how your spending stacks up and, if you’re just starting out, help to ensure you’re budgeting enough for each category.

To stay on top of your money, you may want to track your daily spending for a month (or more), and then set up certain spending limits to keep your purchases in line with your income, as well as your savings 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.

FAQ

How much should a single person spend a month?

There’s no one-size-fits-all answer, as spending varies based on location, lifestyle, and income. However, a general guideline is to allocate your income as follows: 50% on necessities (rent, utilities, groceries), 30% on discretionary spending (entertainment, dining out), and 20% on savings and debt repayment beyond the minimum. Adjust these percentages based on your specific needs and financial goals.

What is the average living expenses for a single person in the US?

The average living expenses for a single person in the U.S. can vary widely depending on location. According to the most recent data from the U.S. Bureau of Labor Statistics (2023), the average single person spends around $4,641 per month. This includes housing, food, transportation, health care, and other essentials.

Living in urban areas or coastal cities tends to be more expensive, while costs are lower in rural or Midwest regions. Personal choices, such as eating out frequently or owning a car, can also significantly affect monthly living expenses.

What is a good monthly personal budget?

A good monthly personal budget should prioritize essential expenses like housing, food, and utilities, while also allowing for saving and discretionary spending. A popular method is the 50/30/20 rule: 50% of your income goes to necessities, 30% to wants, and 20% to savings and debt repayment. This balanced approach helps ensure you can cover your expenses while also progressing toward long-term goals. You may need to adjust the percentages based on your specific financial situation and priorities.

About the author

Jacqueline DeMarco

Jacqueline DeMarco is a freelance writer who specializes in financial topics. Her first job out of college was in the financial industry, and it was there she gained a passion for helping others understand tricky financial topics. Read full bio.

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.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
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.

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

SOBNK-Q225-043

Losing track of money might seem hard to imagine, but it’s actually not uncommon to forget about an old bank account or other source of money that is rightfully yours.

It could be an account you opened a long time ago that, after one or two moves, became both out of sight and out of mind. Or it might be lost paycheck, an old 401(k), or an unclaimed pension.

In fact, roughly one in seven people have unclaimed assets waiting for them, according to the National Association of Unclaimed Property Administrators (NAUPA).^[1] They report that billions of dollars in unclaimed property are currently being held by state governments and treasuries within the U.S.

If you’ve lost track of money that belongs to you, however, there’s no reason to panic, or consider the money gone for good. There are a number of ways to locate lost assets from a bank or other type of financial account, and most of them are completely free. It might take a bit of (virtual) leg work, but finding the unclaimed money due to you can be worth the effort.

How to Find an Old Bank Account

If you’ve accessed the bank account within the past year, you might be able to recover the account directly from the bank. Exactly how to recover a lost bank account will vary based on the financial institution. Your account information can be found on checks and often on old account statements.

If it’s been longer than a year, you might have to dig a little deeper to find and recover a lost bank account. To search for an old account in your name, you might start by combing through old financial records (paper and digital), including bank statements, correspondence/emails, and tax returns. You can also get information about closed bank accounts in your name through ChexSystems, a reporting agency that tracks consumer banking history.^[2] You can request a free copy of your ChexSystems report at ChexSystems.com.

How to Find Unclaimed Money

When a bank or other business loses contact with an account holder, they are legally required to turn any assets over to the state, typically after three to five years (it varies by state) of inactivity or returned mail.^[3]

That’s why a good place to start a quest for older unclaimed property is often through your state’s unclaimed property office. The unclaimed funds held by the state are typically from bank accounts, insurance policies, or your state government.

The NAUPA offers an interactive map, where you can click on your state and be directed to its unclaimed property office. To search for your unclaimed money, you may want to use both your current and maiden name (if you legally changed your last name).

Another good resource for tracking down unclaimed money is MissingMoney.com. This is a multi-state directory operated by the NAUPA that allows you to search by name for missing or unclaimed money.

If you belonged to a credit union in the past, it may be worth checking the unclaimed deposits listing run by the National Credit Union Administration.

Other Sources of Unclaimed Money

Unclaimed money isn’t limited to forgotten checking accounts and savings accounts from childhood.

There are a variety of reasons you could be missing money due to you — perhaps you switched jobs and lost track of a 401(k) or pension plan. Or maybe you forgot to update your address and missed a payment or tax refund.

If you previously worked for a company that offered a pension plan, you can search the Pension Benefit Guarantee Corporation’s (PBGC’s) database. PBGC is a federal agency created by the Employee Retirement Income Security Act of 1974 (ERISA) to protect pension benefits in the private sector.^[4]

For lost or missing retirement plan funds, you could check the National Registry of Unclaimed Retirement Benefits, which is a secure database of retirement plan account balances that have been left unclaimed by former participants of retirement plans.

USA.gov helps you search for assets due from employers, insurance companies, and the government (including tax refunds).

How to Claim Lost Money

If you find unclaimed assets in your name, the next step is typically to fill out a form or make an online request to make your claim.

Each state generally has its own rules and regulations for how individuals should go about proving ownership of the unclaimed money now being held by the government. Generally, states will require substantial evidence that the money rightfully belongs to you.

Claims usually require showing proof of identity (such as information from a driver’s license or passport), any former residential addresses, and documentation showing your right to ownership of the assets.

If the owner is deceased and you inherited the assets, additional documents are typically required. This may include a death certificate, as well as a probate court order.

Recommended: Can You Reopen a Closed Bank Account?

Are Companies That Help You Reclaim Assets Legit?

As you’re searching for lost bank accounts, you may find businesses that offer to find unclaimed money, generally for a fee. Sometimes known as “finders,” these are companies that are looking to earn money by reuniting people with their lost assets.

While it’s fine to pay someone to help you get lost money returned to you, you may want to keep in mind that you can complete a search and submit a claim for free by yourself.

It’s also a good idea to keep your eyes open to potential fraud. Unsolicited emails or letters offering to return unclaimed property to you for a fee, for example, are often scams.

You’ll want to be especially wary of an organization or individual who claims to be a part of the government and offers to send you unclaimed money for a fee. Government agencies will not contact individuals about unclaimed money, nor will they charge a fee.

If somebody contacts you regarding missing money, it’s a smart idea to do some research on the business before handing over any personal information, and also to avoid paying any money up front.

Recommended: Avoiding Mobile Deposit Scams

The Takeaway

Many people have unclaimed money floating around somewhere. Often this money comes from funds found in banks, financial institutions, or companies that haven’t been in contact with the owner for several years and, as a result, the funds have been turned over to the state.

A good place to start looking for unclaimed assets is NAUPA’s database of records from all 50 states. From there, you can find links to each state’s official unclaimed property program.

What to do if you come into some unexpected money? Whether your windfall is large or small, consider putting it in a checking or savings account that pays a competitive interest rate and charges no (or low) fees.

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.

FAQ

Is there a way to find all bank accounts in my name?

To find lost bank accounts, start by looking through your old and current financial documents (both paper and digital), including past bank statements, emails, and tax records. You can also get information about closed bank accounts in your name through ChexSystems, which is a national reporting agency that tracks consumer banking history. While your credit reports won’t include bank account information, they will list current and closed credit accounts.

If needed, you might contact individual banks directly to inquire about any accounts in your name, although they typically require proof of identity.

Is there a way to find lost bank accounts?

While there isn’t a central directory listing all bank accounts in your name, you can order a free copy of your ChexSystems report (at ChexSystems.com), which focuses on bank account history. You can also locate lost or forgotten bank accounts through your state’s unclaimed property office. Many states offer online databases where you can search by name to see if old accounts have been turned over. MissingMoney.com can be a good place to start.

You can also contact previous banks directly or check old records (like tax returns and bank statements) to find information about old bank accounts.

How to find bank accounts with a Social Security number?

There is no central public database you can use to search for bank accounts with a Social Security number. However, some banks may be willing to do a search for accounts using your Social Security number for you, especially if you think there may be accounts in your name you don’t know about. To access this service, you may need to submit a formal request and offer proof of identity.

Otherwise you can find old accounts by combing through old records (like tax returns, correspondence, and bank statements) and contacting previous banks directly. You can also do a search for unclaimed funds from old bank accounts at MissingMoney.com.

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.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.

SOBNK-Q225-050

Timeshares may be a fun vacation option for a while, but sometimes people want to end the arrangement. Those time share contracts, however, can seem pretty ironclad.

Whether you want out due to buyer’s remorse, a shift in your financial situation or health, or any other reason, here’s some good news: You’re not necessarily stuck.

If you change your mind soon after the purchase, for instance, you might be able to opt out during the “rescission period.” Those who have had their timeshare for years may also have options, including having the resort take it back or perhaps reselling it.

There are also what are known as “exit” companies that help timeshare owners get released from their agreements (though it’s important to vet those companies before signing an agreement).

If you’re ready to say goodbye to your vacation place, read on to learn steps for legally getting out of a timeshare contract.

5 Steps to Escaping a Timeshare

If you’re thinking about getting out of a timeshare or know you’re ready to make a change, here are five options to consider.

1. Checking the Rescission Period

If your second thoughts occur within several days of your purchase, you may be able to rescind the transaction if you’re still within the “rescission period.” If you are, you should be able to get your money back and go on your merry way.

Keep in mind, however, that the rules vary from one state to the next. Depending on where the timeshare is located, rescission periods can be anywhere from three days (the minimum required by the Federal Trade Commission) to two weeks.

In some cases, the rescission period may kick in as soon as you buy the timeshare. In others, it might start when you receive the public offering statement that includes general information about the timeshare.

For a timeshare on an exotic isle somewhere outside the U.S., you’ll need to find out what the laws are there.

If you’re eligible for rescission, you’ll want to follow the instructions in the documents you received when you purchased your timeshare. Most likely you’ll need to send the resort a letter telling them you want out via rescission for a full refund. It’s a good idea to send this letter using certified or registered mail.

💡 Quick Tip: Typically, checking accounts don’t earn interest. However, some accounts do, and online banks are more likely than brick-and-mortar banks to offer you the best rates.

2. Contacting the Timeshare Resort

If rescission isn’t possible because too much time has passed, another option you may be able to take advantage of is a “deed back” program. Also known as “take-back” and “surrender” programs, these programs allow distressed owners to transfer the deed for their timeshare back to the resort developer or management company, effectively ending their ownership and associated obligations.

To find out if your developer offers this type of program, you may want to contact them directly and ask to speak with someone who handles “deed-backs” or “surrenders.” You can also check online resources like ResponsibleExit.com for information about return programs.

Generally, developers will only go for this if the timeshare is fully paid for, and you’re up to date on your maintenance fees. Some developers that accept returns may require owners to pay annual fees for a year or two while the resort finds another buyer. In some cases, you may have to prove financial or medical hardship in order to qualify for a take-back program.

Even if your resort doesn’t have an official take-back program, you have nothing to lose by asking. Who knows; they might go for it.

Recommended: 39 Passive Income Ideas to Build Wealth in 2025

3. Reselling The Timeshare Yourself

If you’re considering reselling your timeshare, it’s probably best if you don’t go into it with hopes of making a killing. There are typically many people looking to unload their timeshares and demand isn’t generally high, unless your property is in a hot destination. As a result, reselling can often be a losing proposition.

The best approach might be to think of reselling as someone taking the timeshare off your hands and becoming responsible for the fees moving forward, rather than making a profit.

You can list your timeshare on a general resale marketplace site, such as eBay and Craigslist. There are also sites just for timeshares, such as TUG (the website for the Timeshare Users Group) and RedWeek.

💡 Quick Tip: Want a simple way to save more everyday? When you turn on Roundups, all of your debit card purchases are automatically rounded up to the next dollar and deposited into your online savings account.

4. Reselling the Timeshare Through a Broker

If you opt to resell your timeshare, another option is to hire a real estate broker or agent who specializes in reselling timeshares.

If you choose this route, however, you’ll want to pick your broker carefully, cautions the . Some real estate brokers and agents who specialize in reselling timeshares may falsely claim the market in your area is hot and that they’re overwhelmed with buyer requests. They may even tell you that they already have buyers ready to purchase your timeshare, or promise to sell your timeshare within a specific time. It’s wise to be skeptical of all such claims, says the FTC, and also to vet the reseller before agreeing to anything on the phone or in writing.

A good safeguard is to contact the state Attorney General and local consumer protection agencies in the state where the reseller is located, and ask if any complaints are on file. You also can search online for complaints.

You may also want to ask the reselling agency if their agents are licensed to sell real estate where your timeshare is located. If they say they are, you may want to verify it with the state’s Real Estate Commission.

Other questions you may want to ask before hiring a reselling agent:

It’s generally preferable to do business with a reseller that takes its fee (or commission) only after the timeshare is sold. If you must pay a fee in advance, however, it’s wise to ask about refunds, and to get all refund policies and promises in writing.

Recommended: How to Manage Your Money Better

5. Hiring a Timeshare Exit Company

The concept is good. With a timeshare exit company you often get a small army to handle your business. A good one knows the inner workings of the timeshare industry, which could be advantageous to you. One major caveat is that these services generally don’t come cheap — prices vary considerably, but can be upwards of $5,000.^[1]

It’s also important to be aware that there are many bad apples out there. There have been numerous lawsuits against timeshare exit companies that backed out of their payment agreements with customers.

To help ensure that an exit company you’re thinking about hiring is reputable, you may want to check with the Better Business Bureau, and also search online, to see if there have been complaints about the company and (most importantly) how they have handled those complaints.

You can also protect yourself by refusing to make any payments before a contract has been signed by both parties.

Recommended: 5 Reasons to Switch Banks

The Takeaway

Unloading a timeshare property isn’t always easy, but some of your exit options include: backing out during the “rescission period,” reselling it yourself, hiring a broker to resell it for you, and hiring a timeshare exit company to take care of the whole separation process.

It’s important to understand all of your options (and the potential pitfalls of each) in order to choose the best solution for your situation.

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.

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.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
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.

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.

SOBNK-Q225-036