Feb
11
2025
# Interesting Debit Card Facts

21 Facts About Debit Cards You May Not Know

By | Budgeting & Goals, Family Finances, money | Comments Off on 21 Facts About Debit Cards You May Not Know

You may have a debit card in your wallet and swipe, tap, or wave it over a terminal multiple times a day. But did you ever take a moment to think about what an impressive invention that little rectangle of plastic actually is?

Debit cards offer an extremely convenient payment method and are a relatively recent addition to banking services. To learn more about these handy payment cards, keep reading for 21 debit card facts.

Key Points

•   Debit cards are owned by over 90% of Americans, with more than 1.2 billion in circulation.

•   Visa and Mastercard dominate the market, with Visa handling over 60% of transactions.

•   Debit cards evolved from store credit systems, with magnetic stripes introduced in the late 1960s.

•   Metal and eco-friendly debit cards cater to premium and environmentally conscious users.

•   Potential fees associated with debit cards include out-of-network ATM usage and overdraft charges.

21 Interesting Debit Card Facts

Want to learn some interesting facts about debit cards? These are debit card facts that may surprise you.

1. Over 90% of Americans Have a Debit Card

Recent surveys reveal that over 90% of Americans have a debit card that’s typically linked to their checking account. That’s a lot of plastic! Many people have multiple debit cards. One report noted that there were at least 1.2 billion debit cards in the U.S.

2. Most Debit Cards Have a Familiar Logo

Many debit cards feature the Mastercard or Visa logo, even if your bank sends you the card. This means those two familiar card issuers’ networks can help support the transaction.

Over 60% of debit card transactions are run on Visa-branded cards, making them the most popular of the players.

3. Debit Cards Followed Store Credit

Who came up with the ingenious idea for a debit card? Store cards likely sparked the idea. Before debit and credit cards launched, if someone didn’t want to make payments in cash (or couldn’t afford to), they often had the option to use store credit. U.S. banks actually got the idea for debit cards from the store credit system in the 1940s.

Recommended: How to Earn Passive Income

4. Magnetic Stripes Debuted in the Late 1960s

Magnetic stripes quickly became the preferred method for making plastic cards machine-readable in the late 1960s. In early 1971, the American Bankers Association (ABA) endorsed the magnetic stripe — also known as the magstripe — to make plastic debit cards readable on a machine. This helped usher in a new era of convenience, although debit cards were originally better suited for withdrawing cash from an ATM than shopping.

5. Magnetic Stripes Are on the Decline

Nowadays, magnetic stripes are becoming less popular as new technologies evolve. By 2033, Mastercard doesn’t plan to use magnetic stripes on their debit or credit cards at all anymore.

6. Kids Can Get Debit Cards

While 18 is usually the minimum age to open a bank account, some kids’ accounts come with debit cards. Chase offers a First Banking account with a debit card for those ages six to 17, and Greenlight and Acorn Early also offer debit cards for young customers.

7. Metal Debit Cards Exist

While many of us are accustomed to plastic debit cards, some issuers make them out of metal. For instance, N26, an online bank overseas, offers premium banking clients a card made of 18 grams of stainless steel, in three different metallic shades.

8. Some Debit Cards Are Going Green

Starting in 2023, Bank of America is beginning to use recycled plastic for all of its debit and credit cards. This move is aimed to help reduce the amount of single-use plastics by 235 tons. It’s a good example of green banking at work.

9. Most People Have Daily Debit-Card Spending Limits

There may be exceptions to the rule, but most debit cards come with limits about how much you can swipe per day. These limits are typically between $200 and $5,000 per day, or higher still. Check your agreement with your bank to find your financial ceiling.

Recommended: Guide to Paying Credit Cards With a Debit Card

10. The Public Resisted Debit Cards Initially

At first, people said a big “thanks, but no thanks” to debit cards. In 1972, a report commissioned by the Federal Reserve Bank in Atlanta found that the majority of the public didn’t support any kind of electronic payments system. Times have certainly changed.

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11. You Can Customize the Photo on Your Debit Card

Do you like expressing yourself? Some financial institutions will let you put the photo of your choice on your debit card. For instance, Wells Fargo shows an example of putting an image of a furbaby on their debit card.

12. A West Coast Bank Released the First Debit Card

Debit cards made their debut in 1978, thanks to the First National Bank of Seattle. However, some say an early forerunner was introduced in the 1960s by the Bank of Delaware and should get credit as the true pioneer. Either way, it shows debit cards have been around for a while.

13. Debit Cards May Carry Fees

While you won’t rack up debt and charges the way you could with a credit card, not all debit card transactions are free. For instance, if you use your debit card to get cash at an out-of-network ATM, you might get hit with a charge. Or if you overdraw your account, you might get a fee similar to those incurred when you bounce a check. Check your account agreement or ask a bank rep for details. You may find that online banks charge no fees or lower fees than traditional ones.

14. UK Banned All Debit Card Surcharges

Originally, debit cards in the UK came with fees, such as processing charges. However, in 2018, the UK government banned any surcharges on debit cards which makes it possible to use them for a transaction of any size, even super small ones, without fees being added.

15. Chip Technology Leads to Contactless Payments

During the pandemic, contactless payments surged in popularity. This was made possible by chip technology. With chip technology, consumers can simply hold their debit card over a payment terminal to make a payment. There’s less risk of passing germs around via touch.

16. Chip Technology Doesn’t Require a PIN

Not only does chip technology make it possible to skip entering a debit card physically into the payment terminal, the use of a PIN may not be required.

17. You Can Be Liable for Charges on a Lost Debit Card

There’s a downside to the convenience of debit cards. If yours is lost or stolen, the Federal Trade Commission (FTC) you’ll be liable for:

•   $0 if reported immediately and before any unauthorized charges are made

•   Up to $50 if you notify the bank within two days

•   Up to $500 if you notify the bank within 60 days after your statement was issued showing unauthorized usage

•   Unlimited if you don’t notify the bank within 60 days of the statement showing unauthorized usage being issued.

Recommended: Savings Account Calculator

18. Some Debit Cards Can Be Used Worldwide

Having a debit card from a well-known issuer like Mastercard or Visa has some benefits. For example, because these two card issuers are so popular, they are accepted as a form of payment in most countries. This can make payments much easier for global travelers. That said, be wary of possible international conversion fees (possibly 1% to 3% of the amount you swipe) plus foreign ATM usage charges.

19. There Were Three Major Players Until 2002

Until 2002, there were three main players in the debit card space. Alongside Mastercard and Visa, Europay was the other big player. In 2002, Europay merged with Mastercard.

20. Debit Cards Are More Popular than Credit Cards

Consumers have the option to use debit cards or credit cards if they don’t want to have cash on them when shopping or if they are shopping online. In one recent study, debit cards were found to be used almost twice as often as credit cards.

21. People Spend Less With Debit Than Credit Cards

While people may use debit cards more often than credit cards, they tend to spend more when using credit cards (almost 30% more), whether purchasing in person or shopping online.

The Takeaway

There’s a whole array of interesting facts about debit cards, from how they were developed to how they are made to how they can be used. What may stand out most among these 21 debit card facts is just how far payment technology has come in recent years and how much more convenient purchasing has become. As a key part of a bank account’s features, debit cards have unlocked new ease when spending.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with 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 up to 3.80% APY on SoFi Checking and Savings.

FAQ

Are debit cards more popular than credit cards?

Debit cards tend to be more popular than credit cards for in-person purchases, while credit cards are used more often for online spending.

What is the difference between debit and prepaid cards?

The main difference between debit and prepaid cards is where the funds for payment come from. A debit card is linked to a bank account, but a prepaid card is not. Consumers need to load money onto a prepaid card before they can use it. Once they do so, that amount acts as their spending limit.

What debit card is the most popular?

Most banks offer their own debit card, but the majority of these are backed by one of two issuers, Visa or Mastercard. Currently, Visa is the more popular issuer.

What debit card fact is the most useful?

The most useful debit card fact to know could be either that you have a daily spending limit or that you must report a lost or stolen debit card ASAP to avoid being liable for any unauthorized usage. The longer you wait, the more you might owe.

Photo credit: iStock/Daisy-Daisy

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
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.

SoFi members with direct deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. 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 (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, 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 Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

*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.

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 Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
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.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

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 Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

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Feb
11
2025
What to Do If You Lose Your Debit Card

What to Do If You Lose Your Debit Card

By | money | Comments Off on What to Do If You Lose Your Debit Card

If you lose your debit card, quick action is vital to protect your bank account and avoid fraudulent transactions. What’s more, taking steps ASAP can help you avoid the headache of not being able to tap or swipe your way through your day — from buying coffee in the morning to paying at the supermarket on your way home from work.

Whether you’ve misplaced your card or believe it to be stolen, here’s what you need to know and do.

Key Points

•   If a debit card is lost, lock it immediately to prevent unauthorized transactions.

•   Report the lost card to the bank by calling, opening your app, or visiting a branch to cancel and request a replacement.

•   Monitor the account daily for any unauthorized transactions or suspicious activity.

•   Access cash through alternative methods like teller withdrawals, checks, or mobile payment apps.

•   Prevent future loss or theft by setting up alerts for the card, avoiding PIN sharing, and using mobile wallets.

What Can Happen If You Lose Your Debit Card?

Losing a debit card can temporarily leave you without convenient access to your bank account. However, it can also open you up to different types of bank fraud if someone finds your lost debit card and is able to use it to make purchases or withdraw cash.

You may wonder what someone can do with your bank account number and if they swipe with your piece of plastic. Whether someone is able to use your debit card to tap into the funds in your bank account can depend on whether they also have your PIN (or personal identification number) and where they try to use the card.

•   If you’ve written your PIN on the back of the card, which is generally something you shouldn’t do, the person who finds your debit card might be able to use it to buy things online or at a store or get cash at an ATM up to the ATM withdrawal limit.

•   If your card is enabled for tap to pay, they may not even need your PIN to make fraudulent purchases. While some cash registers that allow contactless payments require a PIN to complete the transaction, many do not. So someone could just tap your card to pay, potentially drawing funds from your checking account and leaving you to foot the bill for those purchases.

Debit card cloning is also a possibility. When someone clones your debit card, they essentially make a copy of it that can be used to make purchases or withdraw cash. The card itself is counterfeit, but it works the same way as your legitimate bank card.

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No account or overdraft fees. No minimum balance.

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Steps to Take If You Lose Your Debit Card

Realizing your debit card has gone missing can leave you feeling a little panicky. However, it’s important to stay calm so you can rectify the situation and protect your sense of financial security. Here are the steps to take when dealing with a lost debit card.

•   Lock your card if possible. Your bank may allow you to lock your card through online or mobile banking. Locking your card right away can prevent anyone who finds it from using it to make unauthorized purchases or withdraw cash.

•   Report a lost debit card to your bank. If you believe your debit card is truly lost or has been stolen, rather than just hiding somewhere in your home or at the bottom of your bag, the next step is letting the bank know. You’ll need to call (or visit a branch or open your banking app) to cancel the card and request a replacement, which may take about a week. Your bank may offer the option for expedited delivery (within two or three days) in exchange for a fee.

   Some banks may charge a small fee to replace the card, though many larger financial institutions will do so for free.

•   Confirm the debit card is lost in writing. A lost debit card can be an opportunity for thieves to snatch your money. Documenting the loss via an email or letter is important for minimizing your liability for any resulting losses.

•   Cancel automatic payments linked to the card. If you’ve scheduled any automatic transfers or bill payments using your debit card, you’ll need to cancel them. Once you receive your new debit card, you can update your payment information with your billers. Yes, it’s a hassle, but it’s a wise money management move.

•   Monitor your accounts. If you’re worried that someone might have used your debit card to make fraudulent transactions, it’s important to check your bank account activity daily. Look for any purchases you don’t remember making or any small deposits, aka micro deposits. These can indicate that someone is attempting to link your card to an outside bank account.

Recommended: How to Make Money Fast

Can You Get Your Money Back If It Was Stolen?

Federal law determines what losses you’re liable for if your debit card is stolen and someone uses it to make fraudulent transactions. However, time is of the essence for limiting liability. It’s therefore important to report a lost debit card to your bank promptly.

Here’s how much you might be liable for, according to the Federal Trade Commission (FTC), depending on when you report the loss.

If you report the loss…

Your maximum loss is…

Before any unauthorized charges are made$0
Within 2 business days after you learn about the loss or theft$50
More than 2 business days after you learn about the loss or theft, but within 60 calendar days after your statement is sent to you$500
More than 60 calendar days after your statement is sent to youAll the money taken from your ATM/debit card account, and possibly more — for example, money in accounts linked to your debit account

These limits also apply to lost ATM cards as well. So again, the most important thing you can do when dealing with a lost debit card is to report it to your bank as soon as possible.

Recommended: Ways to Manage Your Money

How Can You Get Cash When You’ve Lost Your Debit Card?

If you lost your debit card, you may wonder how you’ll access your money. That’s a good question (and often a pressing one), and the answer can depend on whether you bank at a traditional bank vs. an online bank. If you keep your checking and savings accounts at a brick-and-mortar bank or credit union, you should still be able to withdraw cash at a teller window during normal business hours. You could also write paper checks to pay bills or make purchases temporarily.

If you have accounts at an online bank, then you may be limited to transferring funds from your online account to a linked account at a traditional bank. You could also use a mobile payment app to make purchases or send money to friends and family if you’ve linked it to your bank account.

At some banks, you may be able to get a digital version of your replacement debit card to use until the plastic version arrives. It can be worthwhile to ask about that possibility.

Tips for Keeping Your Debit Card Safe

Taking steps to protect your debit card can minimize the odds of it being lost or stolen. Being proactive can also help you spot potential identity theft or fraud before someone is able to clean out your bank accounts.

Here are a few tips for keeping your debit card safe.

•   Leave your debit card at home in a secure location if you won’t need it while you’re out and about.

•   Don’t share your PIN with anyone, and don’t write it on the back of your debit card.

•   Consider linking your card to a mobile wallet app so you won’t need to have it physically with you to make purchases.

•   Use caution when using a debit card online to make purchases. Only shop with trusted sites that encrypt your financial information.

•   Monitor your bank accounts regularly to look for any suspicious activity.

•   Consider setting up bank account alerts or notifications to let you know when new transactions occur.

•   Ask your bank if cardless withdrawal is an option, which allows you to get money at the ATM without having to present your card.

•   Think about using credit cards in place of your debit card as credit cards can offer greater protections against fraud and unauthorized charges.

What is a debit card good for? Quite a lot, when you think about it. That’s why it’s so important to make sure you’re keeping your card protected.

The Takeaway

A debit card can make managing your finances easier, but if you lose your card, quick action is vital. Taking steps to secure your account will help ward off loss if the card has been stolen. The sooner you report the loss, the sooner you will also be on your way to getting a replacement and restoring access to your account and funds.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with 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 up to 3.80% APY on SoFi Checking and Savings.

FAQ

How long does it take to get a new debit card if you lost it?

It can take seven business days or more to receive a new debit card if yours is lost. You may be able to get your card faster (in a couple of days) if you request expedited delivery, though you might need to pay a fee. Some banks offer digital versions of your debit card that you can use while you wait for a replacement.

Can someone use my debit card if I lost it?

Someone might be able to use your lost debit card if they know your PIN or the card is enabled for contactless payments. They may also be able to clone the card to use it for fraudulent transactions. For those reasons, it’s important to freeze, lock, or cancel your card as soon as you realize it’s lost.

How much does it cost if you lose your debit card?

Banks can charge a fee to replace a lost or stolen debit card. The amount you’ll pay can depend on the bank and whether you choose an expedited or rush delivery option. At some banks, there is no charge to replace a lost debit card, but at others you might pay a small fee.

Will a replacement debit card have the same number?

If you’re replacing a stolen or lost debit card, the new card will have a different number, expiration date, and three-digit security code. If you’re getting a replacement debit card because your old card has expired, the number on the card may be the same, but the expiration date and three-digit security code will be different.

Photo credit: iStock/Delmaine Donson

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
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.

SoFi members with direct deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. 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 (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, 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 Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

*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.

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 Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
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.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

Third Party Trademarks: Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

SOBNK-Q125-031

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Feb
10
2025
A Complete Guide to Ordering Checks

A Complete Guide to Ordering Checks

By | Budgeting & Goals, Financial Independence, money | Comments Off on A Complete Guide to Ordering Checks

Checks may not be used as often as they were in the past, but they’re still a useful financial tool to have around. You may need to write a check when making a large payment, gifting money, making a charitable donation, or even paying rent. A voided check can also come in handy when setting up direct deposit at work.

Often, when you open a checking account, you receive a book of complimentary checks to get you started. Sooner or later, however, you are likely to run out and need some additional checks. When that happens, how do you order a new checkbook? Should you order through your bank? Or is there a faster, cheaper option elsewhere?

Key Points

•   Checks remain a useful financial tool for various transactions, including making payments and setting up direct deposits, despite declining usage in the digital age.

•   Different types of checks exist, including personal, business, cashier’s, and certified checks, each serving specific purposes in financial transactions.

•   Ordering checks through banks can be costly, with prices typically around $30 for a box of 100, but numerous online vendors offer more affordable options.

•   When ordering checks online, it is essential to ensure the vendor’s security measures are in place, and to provide the necessary personal and banking information.

•   Having checks on hand is beneficial for those who may face situations requiring paper payments, despite the increasing prevalence of digital transactions.

What Are the Different Types of Checks?

There isn’t just one kind of check in the world. Get acquainted with these four common options that can play a role in managing your money.

Personal Checks

When people wonder about how to order checks, they are typically referring to personal checks. These are the rectangular documents you usually get when you open a checking account. They allow you to transfer funds from your account to a payee, whether that’s your cousin, your WiFi provider, or your dentist.

When you first open an account, you may get a small number of what are called counter checks, which may not be fully personalized with, say, your name and address.

Later, your fully printed checks are likely to arrive, complete with your name, address, account number, and bank routing number. These checks are not only useful for making payments, but also for setting up direct deposit. A voided check can be used by your employer to route your paycheck to the correct account.

Business Checks

What’s the difference between a business check vs. a personal check? Business checks are similar to personal checks, but are drawn from a business checking account instead of a personal one. If you run your own business, you might use these checks to, say, pay for your office rent or send funds to suppliers.

Cashier’s Checks

Sometimes also called a bank check or official check, this is a secure payment used to make significant purchases.

A cashier’s check requires a teller to withdraw funds from your personal account and then cut a check from the bank to pay the recipient on your behalf.

With these checks, the bank is guaranteeing payment, so there is no chance the check will bounce. There is typically a fee for getting a cashier’s check, often around $10 or $15.

Certified Check

A certified check is a type of personal check that the bank guarantees. When you write the check, the bank verifies you have enough money in your checking account to cover the amount and may place a hold on that money until the check clears.

The bank will typically then stamp or print “certified” on the check. Fees vary depending on which bank you use and the size of the check, but are often in the $15 to $20 range.

Recommended: What Is an Electronic Check (E-Check)?

Reasons Why Checks Are Used Today

In a tap and app world, checks may seem like a byproduct of a past era. Some transactions, however, still require a check. It’s not uncommon, for instance, for some landlords to require a check for a security deposit or for some smaller businesses to prefer cash or check payment.

Here are some of the reasons why checkbooks can still be useful and even a preferred payment form:

•   Checks can protect your money. A transfer can be misdirected with a typo, and cash can get lost or stolen. A check made out to the recipient is challenging to cash if it gets into the wrong hands.

•   If a check is lost, you can stop payment on the check and reissue a new one.

•   A check provides a paper record of payments made.

•   Checks can also be a way to verify identity. A voided check (a check you pull from your checkbook and write VOID so no one can cash it) can be necessary to set up autopay or direct deposit, or as a way to verify your address for certain services. (While you can use a check with an old address, it may cause confusion and can be wise to order a checkbook of new, updated ones.)

Of course, checks have their drawbacks too.

•   There can be a significant delay between the day you write a check and the day it gets processed, which could cause you to accidentally overdraw your account if you don’t keep careful records.

•   Checks can sometimes get lost in transit or stolen. Since a check is good for six months, it can be a smart idea to cancel any checks that don’t get to the intended recipient in a timely fashion.

•   Checks can also come with fees (such as when cashing a check) and other costs (like having to buy checks).

Fortunately, there are ways to cash a check without a fee. And, if you look beyond your bank when it comes to re-ordering checks, you can often pay significantly less.

Where Can I Order Checks?

Many people will order checks through their bank simply because it’s convenient. Traditional banks will often charge $30 or more per box, though they may be less or even free if you are a premium account holder.

However, you don’t have to buy your checks at your bank. There are numerous online vendors, such as Checks In The Mail and Carousel Checks, as well as big box retailers (such as Costco and Walmart) that offer customized personal checks that include the same security features as bank checks.

Prices range from around 10 to 34 cents per check, and minimum orders might be anywhere from 80 to 200 checks.

But how do you order checks from the best vendor? Because you need to input sensitive information, such as your bank account number and the routing information for your bank, it can be a good idea to make sure you choose a vendor that takes security measures seriously and also that the checks you buy are secure.

Some actions that can help maximize security:

•   Making sure the site where you buy checks is secure. A lock image in the address bar of your browser indicates a secure connection and that any information transmitted, such as your bank account info, will be done in a secure manner.

•   Choosing a reputable seller. It can be a good idea to vet any company you are considering buying checks from by taking a look at their Better Business Bureau ratings and reviews.

•   Considering security features. Some check printing companies offer enhanced security features, including watermarks, hard-to-copy microprint, hologram foil, and thermochromic ink (ink that disappears with heat). These features can add to the cost of your checks, but they can make your check payments even more secure.

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What You Need for Ordering Checks Online

When you’re wondering “How do I order checks online?” it can be wise to have some key information ready to complete your transaction. This typically includes:

•   Your personal information. This is your name (or the name of your company for business checks) and address.

•   Bank information. This includes the name and address of your bank, which you can find on your existing checks.

•   Your checking account number. You can find this at the bottom of your existing checks or on your bank statement. Of the three listed numbers along the bottom of your check, your account number will be the second number from the left.

•   Your bank routing number. Also known as an ABA number, this number serves as an address so the banking system knows which bank will pay the check. You’ll want to look for the nine-digit number on the bottom left of your checks.

•   Check number. To keep your finances organized, it’s a good idea to have your new checks start with the next number in your checkbook series. For instance, if the last check in your last checkbook is 199, consider starting the new set with check number 200.

When ordering checks, you may want to keep in mind that, depending on the company, production time may take a few weeks. That’s why it can be a good idea to order checks well before you may need them.

Recommended: What Is a Voucher Check?

The Takeaway

If you’re like many Americans, you probably don’t use checks often these days. But checks are still with us, and it can be a good idea to always have checks on hand for those times when you need or want to pay by check.

Buying checks from the bank can be pricey though. Fortunately, it’s fine to search the web for cheaper options, provided you take some security precautions. Another option is to open an account with a bank that doesn’t charge for paper checks.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with 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 up to 3.80% APY on SoFi Checking and Savings.

FAQ

Can you print checks by yourself?

It is possible and legal to print checks at home. However, you will need the tools to do so. This includes: a printer, software to format the checks properly, special paper (known as check stock paper) with security features, a magnetic ink character-recognition font (for the numbers at the bottom of the checks in a way that can be read electronically), and magnetic ink.

How much does it cost to order checkbooks?

When you order additional checkbooks from a bank, a box of 100 may cost $30 or more. Some banks and premium accounts will lower or even eliminate that fee. When you order from check companies or mass merchants, the per-check price can range from ten cents to more than 30 cents per check, with minimum orders typically starting at 80 or 120 checks.

Do I have to order checks through my bank?

You do not have to order checks through your bank. If you want to, you may order from online check companies or merchants like Costco and Walmart.


SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
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.

SoFi members with direct deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. 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 (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, 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 Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

*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 Checking & Savings 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.

Third Party Trademarks: Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

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2025
At What Age Can You Get a Debit Card?

At What Age Can You Get a Debit Card?

By | Family Finances, money | Comments Off on At What Age Can You Get a Debit Card?

The minimum age to get a debit card with a checking account at a bank or credit union in your name only is 18. However, it’s possible for kids as young as age six to get a debit card when opening a bank account with a parent. There are also fintech companies that offer debit cards for kids with no minimum age requirements.

Getting your child a debit card can be a great way to introduce them to the basics of money management, as long as you do so wisely.

Key Points

•   The minimum age to get a debit card with a checking account at a bank or credit union is 18, but kids as young as six can get a debit card when opening an account with a parent.

•   Debit cards have age limits because opening a bank account is a legal agreement, and minors cannot enter into contracts.

•   Some banks offer teen checking accounts or joint checking accounts that allow minors aged 13 to 17 to have a debit card.

•   Fintech companies provide prepaid debit cards for kids with no specific minimum age requirements, offering more control and flexibility.

•   Giving minors a debit card can teach them financial responsibility, provide convenience, and prepare them for managing money in the digital age.

Why Do Debit Cards Have Age Limits?

Debit cards have age limits because the age requirement for a bank account is usually set at 18. When you open a bank account, you’re entering into a legal agreement with the bank. Since minors cannot legally enter into contracts, banks require you to be a legal adult in order to open a bank account in your name.

There is, however, an exception to this answer to “When can you have a debit card?” Minors under 18 can qualify for a debit card if they’re opening a bank account with their parent’s help. In that case, banks may agree to issue a debit card that’s linked to a teen checking account for a minor aged 13 to 17 or a joint checking account that’s shared by the teen and their parents.

The minimum age to open a bank account can vary by bank or credit union and go even younger. Chase, for example, offers a bank account for kids as young as 6 that includes a debit card. Parents must be current Chase customers to open the account, and they will own the account.

If you’re interested in getting your child a prepaid debit card that isn’t associated with a specific bank account, there are platforms that allow that with no minimum age restrictions for kids. You can link your child’s debit card to your account to deposit funds and set controls on when and how they can spend the money.

💡 If you’re 18 or older and ready, you can get a debit card with SoFi.

Do Minors Need to Have a Debit Card?

Whether your minor child needs to have a debit card can depend on their financial situation and your personal preferences. Some scenarios to consider:

•   If your teen has a part-time job or runs their own business, then it may be worthwhile to give them a debit card that’s linked to a checking account. They can deposit their paychecks or earnings into their account and use their debit cards to make purchases.

•   Likewise, you might want your child to have a debit card if they have bills they’re responsible for paying. For example, you might expect your 17-year-old to pay for their cell phone or car insurance. If they have a debit card, they could use it to pay those bills themselves, versus you having to pay them and collect the money from your teen.

•   Some parents want their kids to learn how to handle money and think managing a debit card responsibly is a good step in that direction. Still others may want their child to be able to, say, buy a snack after school without carrying cash.

•   Whether a minor should have a debit card can also be a question of maturity and their sense of personal responsibility. If you have a child who’s constantly losing or misplacing their stuff or doesn’t necessarily grasp how money works, then a debit card might do more harm than good. But if your child seems capable and you want to improve their money mindset, it could be a wise move.

Is It Possible to Get a Debit Card as a Minor?

It’s possible to get a debit card as a minor, but a young person will likely need a parent or guardian’s help to do so. The options for getting a debit card as a minor include:

•   Opening a teen checking account at a bank or credit union

•   Opening a joint checking account with a parent or guardian

•   Getting a prepaid debit card

Getting a debit card that’s linked to a checking account may be preferable if you’d like your teen or child to be able to deposit money without you having to reload a debit card. On the other hand, a prepaid debit card may offer more control.

For instance, you might be able to set limits on how much your child can spend per day or where they’re able to use the card.

You can also control when funds are deposited to their prepaid account. If you want them to complete their weekly chores on time, for example, you could make that a condition of adding money to their card.

Get up to $300 when you bank with SoFi.

No account or overdraft fees. No minimum balance.

Up to 3.80% APY on savings balances.

Up to 2-day-early paycheck.

Up to $3M of additional
FDIC insurance.


Benefits of Having a Debit Card as a Minor

There are several good reasons to consider giving your teen or child a debit card.

•   Financial responsibility. Having a debit card can be a good way for kids to learn how to manage money, including how to budget and prioritize saving. Even if your child’s only source of income is allowance, a debit card can still be a helpful tool for teaching them personal finance.

•   Convenience. If your child has their own debit card, they can use it to pay for things themselves without having to borrow from you and then pay it back later. Carrying a debit card also means your child doesn’t have to keep cash on them, which could get lost or stolen.

•   Online purchases. Using a debit card online can spare teens the trouble of having to visit their favorite stores to shop. They can also use their debit cards to enroll in streaming services or make in-app purchases with your consent.

•   Emergencies. A debit card could come in handy in an emergency situation if your child or teen needs money unexpectedly. For example, if your 16-year-old runs out of gas, they could use their debit card to fill up if they’re near a gas station, without having to call you for help.

In terms of what are debit cards good for, the short answer is quite a bit. Learning how to use a debit card at an early age can make it easier for kids and teens to master more complex financial concepts, such as a student checking account or a credit card, as they get older.

When Is the Right Time to Get a Debit Card?

The right time to get a debit card for a minor depends on the child’s age, maturity, and financial needs, as well as the parent’s comfort level. Generally, it may be a good idea to get your child a debit card if they have some form of income, whether it’s allowance, cash received for good grades, money from working a part-time job, or income that’s the benefit of a side hustle.

If you’re considering giving your child a debit card, it’s important to talk to them about what a debit card is and how it’s designed to work. Your child should understand that when they use their debit card to pay, they’re spending real money, even if cash isn’t physically leaving their hands.

It’s also helpful to discuss safety so they know how to protect their debit card. For example, you can explain that they shouldn’t share their PIN or debit card number or let a friend use their card. You can also go over how to stay safe when using their debit card online or when withdrawing cash at an ATM.

What to Look for When Choosing a Debit Card

If you’re ready to get a debit card for your teen or minor child, there are plenty of options to consider. As you compare different debit cards for kids, here are a few things to keep in mind.

•   Traditional or prepaid. The first thing to consider is whether you’d like to get a debit card for your teen that’s linked to a bank account or a prepaid debit card option. You might check the options at your current bank first to see whether it’s possible to set up a teen or joint checking account with a debit card before looking at prepaid platforms.

•   Fees. Account fees can nibble away at your child’s balance, so it’s important to check the fees you might pay, either for a traditional debit card that’s linked to a bank account or for a reloadable debit card for teens. The list might include out-of-network ATM fees, reload fees for prepaid cards, or monthly maintenance fees.

•   Access. It’s also important to look at how your teen or child will be able to manage and access their money. This may involve deciding whether to opt for a traditional bank vs. an online bank. If you’re opening a teen checking account at a brick-and-mortar bank, they should have branch and ATM access, along with online and mobile banking. A prepaid debit card might offer online and mobile banking access only. Many online banks partner with national ATM networks to offer fee-free access to ATMs, but it’s important to check to make sure.

•   Parental controls. The level of control you’ll have with a debit card for kids or teens can depend on where it’s issued. Your bank may offer debit cards for minors with parental controls built in. But if not, you might need to search for another card option that allows you the level of oversight you prefer.

The Takeaway

Teens and kids may qualify for a debit card, which can build financial literacy and money skills. However, finding the right one for them, with the level of parental control you like and the lowest fees, can take some research.

Opening a free checking account for your teen can be a great introduction to money, and it’s a simple way to give them access to a debit card. You might also be interested in switching banks yourself if you’re ready to take a break from paying high fees.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with 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 up to 3.80% APY on SoFi Checking and Savings.

FAQ

At what age can a minor have a credit card?

Minors may be added to a parent’s credit card account as an authorized user as young as 13. Otherwise, they’ll need to be at least 18 with their own income in order to get a credit card in their name without a parent’s consent.

Is it better for a minor to have a debit or credit card?

A debit card can be a good stepping stone for a minor to learn how to manage money, without the risk of them creating debt. Once your child begins to learn the fundamentals of finance, you could add them as an authorized user to your credit card to help them learn how credit works.

Do all banks allow minors to have debit cards?

Every bank has its own policy with regard to who can have a debit card or checking account and whether that includes minors. If you’re unsure whether your current bank or credit union offers debit cards for minors, ask them. If the answer is no, you can look around for other banks that have teen or kids checking accounts that include a debit card. Prepaid cards may be another option.

Photo credit: iStock/jacoblund

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
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.

SoFi members with direct deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. 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 (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, 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 Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

*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 Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
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9 Tips For Buying A Used Car_780x440

9 Tips for Buying a Used Car

By | Budgeting & Goals, Financial Independence, money | Comments Off on 9 Tips for Buying a Used Car

Opting to buy a used vehicle rather than the newest model on the lot can be a great way to save some money. Used cars often cost significantly less than new cars. In addition, older cars are generally cheaper to insure (since they are worth less than new cars).

The process of shopping for, and financing, a used car, however, can feel intimidating. To demystify the process, we’ve got nine simple strategies that can help you find a reliable used car that fits your lifestyle and budget.

Key Points

•   It’s a good idea to establish a budget before you start the used car buying process.

•   If you’ll need financing, consider getting preapproved for a car loan before you start shopping.

•   Researching the car’s history is essential to avoid potential issues.

•   Test driving the car and getting it inspected by a mechanic can also help you assess its condition.

•   Don’t be afraid to negotiate the price of a used car, as it can often lead to a better deal.

1. Setting a Budget for a Used Car

Before you start researching used cars, you may want to first think about how much you can afford to spend on a car and how you will pay for it.

If you will be paying cash, you may want to consider how much of your savings you can realistically put towards a car. If you don’t have quite enough, or the purchase would completely gouge your savings, you may want to spend a few more months saving up for a car.

If you will be getting a loan for the car, you’ll want to think about what would be a comfortable monthly payment. One rule of thumb is to put at least 10% down and finance the car for three years. You may also want to try to keep your total monthly auto expenses no higher than 20% of your monthly take home pay.

You can use an online auto loan calculator to get a rough idea of how much you might need to spend each month on financing.

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2. Getting Financing Before You Start Shopping

If you plan to get a loan to buy the car, it can be a good idea to get preapproved for a car loan from a bank, credit union, or another lender before you start shopping.

While you may opt to go with financing offered by a car dealership, having a pre-approved car loan offer in your back pocket can give you a great negotiating tool. Dealers tend to mark up the interest rate to make a profit, but if you already have a deal in place, they will know they need to beat it in order to get your business.

Even if you’re going to buy a car through a private sale, having a pre-approved loan in place will allow you to jump on a great deal as soon as you find it.

Recommended: Buying a Car with a Personal Loan

3. Choosing Your Ideal Car

Now that you have a car buying budget in mind, you may want to look into what types of cars you can get for that money.

Do you need a truck, SUV, or sedan? You can save money outright by buying a smaller car and also down the line if it’s good on gas mileage. If safety is a top priority, you may want to check out the Insurance Institute for Highway Safety Ratings to see which cars perform the best in crash tests. You can also narrow the field by making a list of must-have features, and then searching for cars that have them using a search tool like Edmunds Car Finder.

Once, you’ve narrowed your list to three target models that you can research in more detail. You may also want to read reviews about the cars you’re interested in on sites like Kelley Blue Book and J.D. Power.

Recommended: How to Save Up for a Car

4. Shopping for a Used Car

Once you know how much you can spend and what kind of car is going to be a good fit for you, you can actually begin shopping for a used car. There’s no need to start driving to car lots all over town — you can browse through tons of vehicles online.

Good places to look include: used car superstores like Carmax or Carvana, used car dealerships, as well as new car dealerships (which often also sell used cars, though not always at the lowest prices). You may also want to look at listings from local private party sellers, which you can find on Craigslist, eBay Motors, Facebook Marketplace, and Nextdoor.com.

💡 Quick Tip: Are you paying pointless bank fees? Open a checking account with no account fees and avoid monthly charges (and likely earn a higher rate, too).

5. Researching the Car

Once you’ve pinpointed a vehicle you might want to buy, it can be a good idea to find out as much as you can about the vehicle’s history.

You can get a vehicle history report from a company like Carfax or Autocheck , which can tell you if the car has any red flags, such as reported accidents or flood damage, as well as information on the car’s maintenance and service history. To get a report, you’ll need to get the car’s vehicle identification number (VIN) or license plate number from the seller. There is typically a fee for running a report (around $25) but many dealers will provide the report for free.

You may also want to run the VIN number through the United States Department of Transportation Recalls site to check for any safety recalls. If there have been any recalls, it’s a good idea to make sure that the issue has been fixed.

6. Going for a Test Drive

It can often be helpful to try before you buy, especially when it comes to buying a car. A car dealership will typically let you take a few cars for a drive so you can get a sense of how they feel.

You may want to call ahead before visiting a dealership to make sure they have the car on the lot that you’re interested in so you can see it that day. A private seller will also likely allow you to take the car for a brief spin to see how you like it.

Some things to consider when going for a test drive:

•   How well the car accelerates and corners
•   If the breaks are responsive
•   If there are any unusual noises or vibrations that could indicate a mechanical issue
•   How well the car fits you — is there enough leg room? Can you comfortably reach all of the controls?

7. Inspecting a Used Car

Even if you’re far from a car expert, it can be a good idea to do a visual inspection of the car. Is the car’s body and paint in good shape? Are the lights all working? Are there signs of cracks or water inside the lights?

You may also want to turn on the air conditioning and heating, radio, and navigation system and make sure they are all working properly.

When examining the interior, you’ll want to make sure it is in decent condition and there aren’t any unpleasant smells — a moldy smell can indicate flood damage and cigarette smells can be hard to get rid of.

8. Getting a Mechanic to Inspect the Car

Unless you are buying a certified used car with factory warranty coverage from a dealership, you may want to consider getting a car you are close to buying inspected by an independent auto mechanic. While this does involve an investment of some cash (typically $100 to $200), it can potentially save you from dealing with a costly repair soon after you buy the car. The inspection report may also give you some bargaining power when haggling over the price of the car.

9. Negotiating the Price of a Used Car

It’s rare that you’re going to come across a used car price where the seller is unwilling to budge, even a little. Before you negotiate a car deal, however, you’ll want to have all your research ready, including how much the average make and model car for a particular year goes for, and any concerns or issues that came up during your personal and professional inspection.

If you’re negotiating with a dealer, it can be a good idea to keep the focus on total cost of the car, rather than bring a trade-in or financing into the mix. Dealers may want to merge all of the numbers into one deal, which can be confusing — and also make a not-so-good deal look better.

When discussing price at a dealership, you may also want to make sure you are talking about the out-the-door price, including all fees (so there aren’t any surprises).

Discover real-time vehicle values with Auto Tracker.¹

Now you can instantly monitor vehicle prices in this unprecedented market—to help you make smart money moves.

The Takeaway

Buying a used car can be a smart buying decision. To make sure you get a car that suits your needs and budget, however, you’ll want to research your options, come up with a target price range, and line up financing before you shop.

When shopping for used cars, it’s a good idea to learn a car’s history, test drive the car, and also have it professionally inspected.

Knowing the value of the car in the open marketplace can help you negotiate a good price. If you don’t like the deal, there’s nothing wrong with walking away.

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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 Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
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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 Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

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