Can I deposit checks at an ATM?

Yes, you can usually deposit a check into an ATM, though some machines may not accept them. It often takes a couple of days for the check to clear and for you to be able to access the funds.

MoneyLL Archives | Page 22 of 117

Q: How do I deposit cash at an ATM?

To deposit cash at an ATM, you’ll likely need your bank card and PIN, and then you simply follow the directions on the machine’s screen. However, it’s good to research first where ATMs in your network are or else what the fee will be to deposit cash at an out-of-network ATM.

Q: Are there ATM deposit fees?

Whether or not you will pay to use an ATM varies. Typically, you will not be assessed a fee to use an ATM that belongs to your bank. However, if you use an out-of-network machine, you will likely pay a couple or a few dollars for a transaction.

Aug

2024

Can You Deposit Cash at an ATM?

By Jamie Cattanach | Budgeting & Goals, Financial Independence, money | Comments Off

It’s often — but not always — possible to deposit cash at an ATM. Whether you can feed bills into the machine can depend on your bank, the particular device you’re using, and other factors. If you are able to make the deposit, fees might be charged.

It’s important to understand the ground rules for depositing cash at an ATM so you can get your money where you want it to go, with a minimum of hassle.

Key Points

• Depositing cash at an ATM depends on the bank and specific machine, so verifying capabilities in advance is essential for a smooth transaction.

• Users must insert their bank card and PIN to access ATM options, and some machines allow cardless transactions through mobile devices.

• Cash can typically be deposited in specific amounts, with limitations on the number of bills accepted at once, usually between 40 to 50.

• Fees may apply when using out-of-network ATMs, and availability of deposited funds can vary, with delays up to five business days for certain transactions.

• Potential issues can arise during cash deposits, such as machine malfunctions, so it’s advisable to document any problems and report them to the bank.

How to Deposit Cash at an ATM

Here are the usual steps for depositing cash at an ATM, once you have your bills counted and ready.

Locate an ATM

In order to avoid wasting time at an ATM that won’t accept cash, it’s a good idea to do a bit of research ahead of time. Log onto the website or app for your financial institution, and look for an ATM locator, which will show you all nearby locations and may also specifically mention which services those ATMs can perform.

It’s worth noting that those convenient ATMs that you may see at your local grocery store or at a concert venue may not accept cash. They are likely there just to provide people with some crisp bills for spending.

🛈 SoFi only offers ATM withdrawals at this time. For members looking to deposit cash into their SoFi Checking & Savings account, you can follow these instructions.

Insert Your Bank Card

Once you’ve arrived at an ATM that will accept a cash deposit, you’ll most likely need to use your debit card or other kind of bank card and personal identification number (PIN) to confirm your identity. That will allow you to pull up the ATM’s service options. Some banks may grant access to an ATM using cardless withdrawal technology, which involves using your phone vs. your bank card to complete transactions.

Follow the On-Screen Instructions

Next, you’ll follow the instructions to make a cash deposit. For instance, if you have multiple accounts, such as a checking and savings account, you’ll typically be asked to select the account where the money should be deposited.

Feed Your Money Into the ATM

Ready for the main event? It’s now time to feed your bills into the machine. It’s worth noting that some ATMs may have limits as to how many paper bills they can take at once (perhaps 40 or 50), and ATMs typically don’t take coin deposits. Incidentally, a few older ATMs still require you to put bills into the designated envelopes they provide prior to depositing.

You will usually have the opportunity to confirm the deposit’s amount during this step, which is a valuable checkpoint.

As with any situation where you’re feeding bills into a machine, it’s possible that the machine may spit one back out if it reads it as damaged or potentially counterfeit. And, of course, any time you are handling cash, you want to take note of your surroundings and make sure you feel safe when conducting your transaction.

Sign Out

Last of all, you can ask for a receipt, if you like (you will usually be offered the option of a printed or an email receipt; either can help with record-keeping). Also make sure you are signed out of the ATM before you leave, which is a wise move whenever you use one of these terminals.

Can You Deposit Cash at Any ATM?

You can’t necessarily deposit cash at any ATM. If you are a customer of the bank, you probably can utilize their ATMs, but if a machine is out-of-network, you may or may not be able to deposit your bills there and have them land in your account.

For this reason, it’s important to check to see which ATMs are part of your bank’s network and accept cash. This can save you a wasted trip to an ATM, only to learn that the device doesn’t accept bills from clients of your financial institution…or doesn’t accept bills at all.

If you are permitted to deposit cash, you may have to pay a fee. Currently, out-of-network fees average $4.73 per transaction. In addition, you may have to wait an extra couple of days to have the funds turn up in your account (more on that in a moment).

Can You Deposit Cash at an ATM for an Online Bank?

Customers of online-only banks may be concerned that they won’t be able to deposit cash at an ATM. However, some of the leading online-only banks partner with ATM networks so you can enjoy this aspect of banking. For example, you may find that you can access more than 50,000 global ATMs for free (whether you want to withdraw or deposit cash, or conduct other business) with some of the key players.

When Depositing Cash at an ATM, Is It Available Immediately?

At some ATMs, cash deposits are made available immediately, while with other ATMs you may experience some lag between the moment you feed the money into the machine and the moment the funds become available.

The FDIC requires banks to make cash deposits available within a certain amount of time. In the case of an in-network ATM, availability is not required until the second business day after the deposit. At an out-of-network ATM, however, funds don’t have to be made available until the fifth business day, so it’s wise to take that into account.

Again, your bank may have more information available on their website as to their specific policies.

Things to Consider When Depositing Cash at an ATM

Most of the time, depositing cash into an ATM goes smoothly and may happen for free. But there are a couple of scenarios to be aware of and potential hiccups to be prepared for.

Depositing Cash at an ATM That Isn’t Your Bank

As mentioned above, you may or may not be able to deposit cash in an out-of-network ATM. For instance, if you have an account at Bank of America, you probably can’t stick a couple of hundred-dollar bills into a Chase ATM.

What’s more, if you can make a deposit at an out-of-network ATM, there may be fees involved. It will likely take longer to process and become available to use than if you’d stayed in your own network.

If you keep your money at an online-only bank, you may want to stick to their network or make sure your financial institution offers a fee-reimbursement feature. You can usually locate in-network or partner ATMs by checking your bank’s app or website or by calling their customer service number.

Potential Problems

Technology can offer many benefits, such as speed and convenience, but it isn’t perfect. When you are trying to deposit cash at an ATM, you might in rare cases hit a snag. Perhaps the machine won’t accept your bills, or it miscounts the amount deposited.

If an issue like this happens, make sure to note down the details, such as the date, time, location, and what transpired. You can then report the issue to your bank and/or the owner of the ATM to get the matter resolved. If you lost money in this way, you may want to involve the Consumer Financial Protection Bureau to help you get refunded.

Fees

You are unlikely to encounter a fee if you make a deposit at your bank’s ATM. The same can hold true if you keep your accounts with an online-only bank and use their network of terminals.

However, life can get complicated, and you may need to deposit cash when an in-network device isn’t anywhere nearby. In that case, you are likely to incur an out-of-network ATM fee. As noted above, these are currently averaging $4.73 a pop, according to one recent survey, so this can really add up.

Check with your bank ahead of time to get a better grasp of their specific ATM fee policies and avoid these unnecessary fees when possible.

Limits

There can be limits on how much you can deposit at a given time at an ATM. Typically, this isn’t a dollar amount but rather a cap on how many bills can be inserted. For instance, if an ATM allows no more than 50 bills at a time, that might mean you can only deposit $250 if you have $5 bills or as much as $5,000 if you have $100 bills.

Recommended: How to Avoid ATM Fees

The Takeaway

You can usually deposit cash in an ATM in a few simple steps, which can be a convenient way to get money into your checking or savings account. Depending on whether you insert your bills at an out-of-network vs. in-network machine, the transaction may involve fees and potentially a delay in the funds becoming available. It can be wise to do a little research on your options and rely on in-network machines whenever possible.

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 4.00% APY on SoFi Checking and Savings.

🛈 SoFi only offers ATM withdrawals at this time. For members looking to deposit cash into their SoFi Checking & Savings account, you can follow these instructions.

FAQ

How do you deposit cash at an ATM?

To deposit cash at an ATM, you’ll need an ATM that accepts cash, your bank card, and PIN. Then you simply follow the directions on the machine’s screen. However, it’s good to research first where ATMs in your network are or how much of a fee will be charged to deposit cash at an out-of-network ATM.

Can you deposit checks at an ATM?

Yes, you can usually deposit a check into an in-network ATM, though some machines may not accept them.

Are there ATM deposit fees?

Whether you will pay to use an ATM varies. Typically, you will not be assessed a fee to use an ATM that belongs to your bank or the network of ATMs it partners with. However, if you use an out-of-network machine for a transaction (withdrawal or deposit), you will likely be charged a fee of a few dollars.

How much cash can be deposited in an ATM?

There may be a limit on the number of bills you can deposit at an ATM vs. a limit on the dollar amount. For example, some ATMs accept no more than 50 bills at a time.

How can I deposit money without going to the bank?

You can often deposit cash at one of your bank’s ATMs or a machine that’s part of your bank’s network. Another method would be to buy a money order made out to yourself and then use mobile deposit to get it into your bank account.

Photo credit: iStock/RgStudio

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2024 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 4.00% 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 4.00% 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 4.00% 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.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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

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.

*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.

SOBK-Q224-1890292-V1

Aug

2024

Understanding ChexSystems

By Rebecca Lake | Budgeting & Goals, Financial Independence, money | Comments Off

ChexSystems is a nationwide credit reporting system that collects information about bank accounts that are now closed. It compiles data on red flags, such as whether a bank account was closed due to numerous overdrafts or suspicious financial transactions.

Many (but not all) financial institutions rely on ChexSystems data to decide whether or not to approve an application for a new checking or savings account. If you have a bank account or plan to open one, it’s helpful to understand what goes into a ChexSystems report and why it might matter to you.

Key Points

• ChexSystems is a nationwide reporting system that collects information on closed bank accounts, highlighting negative behaviors like overdrafts and fraud for financial institutions.

• Individuals can obtain a free copy of their ChexSystems report annually to review their banking history and dispute any inaccuracies found.

• Negative information on a ChexSystems report generally remains for up to five years and can impact the ability to open new bank accounts.

• Cleaning up a ChexSystems report involves disputing errors, settling outstanding debts, and practicing responsible banking habits to avoid future negative marks.

• Alternative options exist for those denied a bank account, such as seeking banks that do not use ChexSystems or considering second-chance accounts.

What Is ChexSystems?

Authorized by provisions in the Fair Credit Reporting Act (FCRA), ChexSystems is a risk-management tool for financial entities that are checking an individual’s banking history.

ChexSystems compiles information that can help financial institutions gauge whether a customer is creditworthy before granting them an account. The information that ChexSystems compiles is based only on closed accounts, not current ones, and can reveal whether past accounts were closed voluntarily or due to negative behavior, such as repeated overdrafts or suspected fraud.

Negative marks typically stay on a ChexSystems report for up to five years. If a financial institution sees any kind of negative activity on a ChexSystems report, the applicant may be denied a bank account.

The information in your ChexSystems report can also be used to generate a ChexSystems consumer credit score. This is separate from consumer credit scores generated using information from the three major credit reporting bureaus to help lenders decide who may qualify for a loan.

💡 Quick Tip: An online bank account with SoFi can help your money earn more — up to 4.00% APY, with no minimum balance required.

What Is In a ChexSystems Report?

Not everyone will have a file with ChexSystems. Those who have a clean banking record may not be listed. However, those who have had bank accounts closed in the past for negative reasons will likely have a report with ChexSystems.

A report will usually include basic identifying information, such as name, address, phone number, and date of birth. It will also include details about your banking history, such as:

• Suspected fraudulent activity

• Non-sufficient funds (NSF) or overdraft activity

• Inquiries (when someone has viewed your ChexSystems report)

• Check cashing inquiries

• Returned checks reported by retailers

• History of checks ordered

• Checking account closures

ChexSystems only collects information for closed accounts, and negative behaviors typically stay on file for five years, as noted above. Current checking accounts do not show up on a ChexSystems report.

Worth noting: If you’ve ever had a security freeze in place, that will usually show up on your ChexSystems report, as will identity theft alerts.

How to Get a Copy of Your ChexSystems Report

You can get a copy of your ChexSystems report for free once every 12 months under the Fair and Accurate Credit Transaction Act (FACTA), similar to the way you can request a free copy of your credit reports once a year from the three main credit bureaus.

You can request your ChexSystems report online, by phone, or by mail:

• You can complete and submit the Consumer Request for Disclosure Form online.

• You can call 1-800-428-9623 Monday through Friday, 8:00 am to 7:00 pm CST.

• You can mail a Consumer Request for Disclosure Form to ChexSystems, Inc., Attn: Consumer Relations, PO Box 583399, Minneapolis, MN 55458.

ChexSystems also offers options for people with visual or hearing impairments. In addition, the ChexSystems website details ways to obtain a report for those under age 18 or for an adult for whom you have power of attorney.

There is an exception to this “once a year” free report rule: If you’ve been denied a bank account, you can request a copy of your ChexSystems report to understand the factors behind the bank’s decision, even if less than a year has passed since the last time you pulled a report. The bank is required to specify the reason for the denial, too.

How to Clean Up Your ChexSystems Report

To clean up your ChexSystems report, you’ll first need to get a copy of it, if you haven’t done so already. You can then dispute any negative information you may find. This can help improve your ChexSystems profile if you can get the information removed.

You can reach out to the bank that shared any negative information about your past account and offer to make good on any outstanding obligations. The bank could agree to remove the negative information.

Going forward, you can prevent any further negative information from being reported by practicing good banking habits, such as:

• Maintaining positive balances across accounts so you don’t land in overdraft

• Keeping of checks and deposits to avoid bounced checks

• Protecting your banking information to prevent fraud

• Reporting any suspected fraud to your bank right away

Those actions won’t erase a negative ChexSystems file. But they can help you to stay on your bank’s good side.

Does a ChexSystems Report Affect Your Credit Score?

Your ChexSystems report doesn’t affect your consumer credit scores directly. FICO® credit scores, for example, are based on how responsibly you manage credit and debt. For example, it can reveal how often you pay bills late, how much of your available credit you’re using, and how often a hard credit inquiry shows up on your report.

Those are some of the main factors that affect credit scores.

But there could be a ripple effect. If your ChexSystems report makes it difficult or impossible to open a bank account, you might have a hard time paying bills when they are due. If, as a result, you send payments late, that could lower your credit score.

Options if You’ve Been Denied a Bank Account Due to ChexSystems

If you’ve been denied a checking account because of a negative ChexSystems report, it helps to know what to do next. You have a few options:

• Clean up your ChexSystems file. Request a copy of your ChexSystems report to understand why you were denied. Review your report for any errors or inaccuracies, and dispute any errors you find. Or, if you owe a debt to your previous bank, you could pay it off and request that the bank remove the mark against you.

If successful in cleaning up your report, you can ask the financial institution you recently applied to if they would reconsider the denial. You might also try opening a savings account with the new bank first, see if you can build a relationship, and then add a checking account.

• Try another bank. Find a bank that doesn’t rely on ChexSystems reports to evaluate potential clients. They are out there and can be found with a little research.

• Consider a second chance bank account. These are designed for people who have been denied a checking account previously. These accounts may have higher fees or more restrictions than regular bank accounts. They can, however, help you establish a positive banking history and, if managed well, transition to a standard checking account in the future.

• Use prepaid debit cards in the short term for spending and bill payment. You can load funds onto these cards (which typically charge fees) and then take care of daily needs with that money.

The Takeaway

ChexSystems is a nationwide reporting system for closed bank accounts. Qualified institutions may access ChexSystems reports to evaluate individuals who are applying for new checking or savings accounts. Being listed in ChexSystems means you likely have negative incidents on your closed accounts (e.g., overdrafts, fraud, unpaid negative balances). This can prevent you from opening new accounts. In this situation, you can focus on cleaning up your ChexSystems report or try some workarounds so you can manage daily financial transactions.

SoFi is among the banks that do not rely on ChexSystems when reviewing account applications.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.00% APY on SoFi Checking and Savings.

FAQ

What happens if you are on ChexSystems?

If you have a file on ChexSystems, you may find it hard to open a bank account. ChexSystems gathers negative information about past bank accounts, such as past overdrafts or involuntary account closings.

Can you remove yourself from ChexSystems?

It may be possible to remove yourself from ChexSystems if your report includes information that’s inaccurate or reported in error. You’ll need to dispute the information through ChexSystems in order to have it corrected or removed from your file. Or if, say, you owe overdraft charges on a now-closed account, you could contact your former bank, pay what you owe, and see if they would remove the negative information from ChexSystems.

How do I know if I am in ChexSystems?

You can request a free copy of your ChexSystems report annually. If there is a report on file for you (those in good standing may not be listed), getting this record can reveal the details of negative information.

How long does a person stay in ChexSystems?

Generally, negative information can stay on a ChexSystems report for up to five years. If you have multiple negative items on your ChexSystems report, the five-year reporting time frame applies separately to each one.

Which banks report to ChexSystems?

ChexSystems doesn’t specify which banks use its reporting system. If you’re unsure whether a bank reports to ChexSystems or reviews ChexSystems reports when you apply for a new account, you can call the bank and ask. You can also ask whether second-chance banking is an option, in case you’re denied a traditional bank account.

Photo credit: iStock/atakan

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2024 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 4.00% 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 4.00% 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 4.00% 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.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found 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.

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.

SOBK-Q224-1918851-V1

Aug

2024

How Long Does It Take a Mobile Deposit to Clear?

By Jacqueline DeMarco | Budgeting & Goals, Financial Independence, money | Comments Off

Mobile deposits to your account usually take around one business day to clear. This can make it a fast and convenient method to get funds into your bank account.

If you are experiencing delays, there could be an easy explanation for why that’s happening. Read on to learn more about how mobile deposits work and how to avoid delays in their clearing.

Key Points

• Mobile deposits generally take about one business day to clear, providing a quick way to access funds in a bank account.

• Delays in the mobile deposit process can occur due to factors such as improper endorsement, unclear images, or entering incorrect amounts.

• Ensuring that all required signatures and details are correctly filled out on the check is crucial for a successful mobile deposit.

• Large checks, duplicate submissions, and deposits made after cutoff times can also extend the clearing process for mobile deposits.

• It is important to retain the physical check until confirmation of clearance has been received from the bank to avoid issues with bad checks.

How Long Does a Mobile Check Take to Deposit?

Once the account holder uploads their check to the mobile app, the funds usually do not become immediately available (as is the case with depositing cash). It typically takes one business day for the funds to clear and become available for use.

In some cases, it can take a few days for the bank to verify the check. The amount of the check can impact this timeline, as can the rules and processes each bank has surrounding mobile deposits.

💡 Quick Tip: Tired of paying pointless bank fees? When you open a bank account online you often avoid excess charges.

What Factors Might Cause Mobile Deposit Delays?

As briefly noted, certain factors can slow down the mobile deposit process. Knowing how to avoid these delays with future deposits can help speed up the timeline.

Here are a few factors that can slow down deposits (or stop them all together if not fixed):

• Not endorsing a check before depositing it. Before cashing a check by using a mobile app, it’s vital to always endorse the check before taking the photo of it or the bank won’t be able to accept it.

Along with a signature, it’s also common to need to include a bank account number on the back of the check or to write “for mobile deposit only” under the signature.

• Forgetting to get both payee signatures. If a check has two people listed on it, both of them will need to endorse the check with their signatures for it to be eligible for a deposit.

• Uploading blurry images. A steady hand comes in handy as banks need a clear image to complete a mobile deposit. It helps to take a photo of the check on a plain, dark background and in good lighting so the picture is very crisp and clear.

Many banking apps have an auto-capture function that helps to automate the photo-taking process.

• Adding mismatched amounts. In addition to uploading a photo of the check, the mobile banking app will require the user to manually enter the check amount. That amount needs to match the amount on the check exactly, or your deposit may be delayed.

• Not indicating a payee. The check uploader needs to make sure their name is on the “Pay to the Order of” line. If this section is blank or doesn’t say the correct name, the check won’t be deposited. Take some time to review that the entire check is filled out correctly.

• Making a duplicate deposit. Tech glitches occasionally happen, but trying to deposit the same check twice to your bank account can cause confusion. If someone uploads a check for the first time and receives a duplicate error message, they can contact their bank to work through the issue with their checking account.

• Depositing after the cutoff time. Your banking app will likely tell you what the cutoff time is for mobile deposits to be processed. For example, if you are making a mobile deposit at 10:15pm on a Monday night and the app says the processing cutoff time is 10pm, your deposit probably won’t be available on Tuesday. Rather, it will probably be available on Wednesday, one full business day later.

• The amount of the check. Checks for large denominations, whether deposited to checking or savings accounts, often take longer to clear than a check that is for a smaller amount. It can require more time to verify that the check is good. You may find that checks in amounts over $5,525 take more time to become available.

• Receiving a bad check. Just as, when deposited the old-fashioned way, checks can bounce, so too can mobile deposits be returned for insufficient funds in the check issuer’s account or other reasons. It’s always wise to hold onto the physical check and wait for a confirmation from your bank that the check has cleared. If the check doesn’t clear, you will need to contact the issuer about the problem.

The Takeaway

Mobile deposits typically clear in one business day. And by following a couple of quick checkpoints, you can likely avoid any hitches that could cause a delay. Because in today’s impatient world, there’s usually no need to wait very long to get access to your money.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.00% APY on SoFi Checking and Savings.

FAQ

Are mobile check deposits available immediately?

It usually takes around one business day for deposits to go through. Following instructions from the bank carefully regarding uploads can help you avoid delays.

How long does it take for a mobile deposit to go in?

It usually takes a business day for a mobile deposit to show up in a bank account, but this can be delayed if the check is for a large amount, is deposited after a bank’s cutoff time, or has issues with the way in which it was submitted.

Why is my mobile deposit taking so long?

Mobile deposit delays can be caused by a variety of factors such as using a blurry photo of the check, entering information incorrectly, or not endorsing the check properly. Double-check all key details before submitting the deposit to speed up the timeline.

Photo credit: iStock/RyanJLane

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2024 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 4.00% 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 4.00% 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 4.00% 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.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found 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.

SOBK-Q224-1900510-V1

Aug

2024

What Is an ACH Routing Number? And Where Can I Find It?

Guide to ACH Routing Numbers

By Alice Garbarini Hurley | Credit, Financial Independence, lantern | Comments Off

An ACH routing number is a nine-digit code that identifies a financial institution during an electronic financial transaction. It ensures that money transferred using the ACH (Automated Clearing House) network is taken from and sent to the right place. ACH transfers are usually faster than paper checks and are used for various transactions like autopay and direct deposits.

Since ACH routing numbers play a vital role in everyday banking, let’s take a closer look.

Key Points

• An ACH routing number is a nine-digit code essential for identifying financial institutions during electronic transactions, facilitating faster money transfers compared to traditional checks.

• This number is crucial for various financial activities, including setting up direct deposits, authorizing online payments, and managing automatic bill payments.

• To locate an ACH routing number, individuals can check their checks, access their online banking account, search the bank’s website, or contact customer service.

• ACH routing numbers differ from ABA routing numbers, which are used for paper checks and wire transfers, although many banks now use the same number for both.

• Understanding and knowing the ACH routing number is vital for conducting secure and efficient electronic transactions in today’s banking environment.

What Is an ACH Routing Number?

An ACH routing number is essentially a digital address for your bank. It’s used specifically for transfers made using the Automated Clearing House (ACH) network, a system that facilitates electronic payments and direct deposits between financial institutions in the U.S.

Smaller banks and credit unions may have only one ACH routing number, while big banks may use several different ACH routing numbers based on region.

You’ll need your bank’s ACH routing number for a number of financial transactions. This includes setting up direct deposit at work, getting a tax refund directly deposited into your bank account, authorizing a one-time online payment, setting up autopay, and using a P2P payment app.

To set up an ACH transaction, you also need to provide your account number, which (unlike an ACH number) is unique to you. Your account number identifies the specific account, such as a traditional or online checking account, within the bank you want to use for the ACH credit or debit.

How Do I Find My ACH Routing Number?

Let’s say you want to sign up to pay your homeowner’s insurance automatically every month or you need to enroll in a P2P app to send someone money. To find your bank’s ACH routing number, you have a few options.

Using Your Checkbook

If you have paper checks, you can find your routing number by looking at the string of numbers printed along the bottom of a check. Your bank’s routing number is the first set of nine digits on the bottom left. It is usually followed by your account number and then the check number.

blank check with ach routing number

Using Your Online or Mobile Bank Account

Another way to get your ACH routing number is to go to your bank’s website and sign into your account. Methods vary by bank but, typically, here’s how you do it: Click on the last four digits of your account number (which appears above your account information) and choose “see full account number” next to your account name. A box will then open to display your bank account number and routing number.

You can also find your ACH routing number by signing into your bank’s mobile app. Typically, you just need to choose your account title and then tap “show details,” and your bank account and routing number will appear.

Using the Internet

If you don’t have access to online banking, you can also find your ACH routing number by going to your bank’s official website. You can then use the search function to look for “ACH routing number” or check the “Help” or “FAQ” sections.

Another option is to do a simple internet search. Put “ACH number” and the name of your bank into a search engine and you should be able to find it. Keep in mind that some large banks may have multiple regional ACH numbers. You want to make sure you are getting the one associated with your location.

Contacting Customer Service

If you can’t get online, you can always contact your bank’s customer service department by phone. They can provide you with the correct ACH routing number.

What Are ACH Routing Numbers Used For?

ACH routing numbers serve several essential functions in the banking system. Here are some of the main uses for ACH routing numbers:

• Direct deposit Employers use ACH routing numbers to deposit salaries directly into employees’ bank accounts. This method is fast, secure, and convenient for both employers and employees.

• Bill payments Many people use ACH routing numbers to pay bills electronically. This includes payments for utilities, mortgages, and other recurring expenses.

• Tax refunds The IRS and state tax agencies use ACH routing numbers to deposit tax refunds directly into taxpayers’ bank accounts.

• Transfers between accounts ACH routing numbers are used to transfer money between different bank accounts, whether within the same bank or between different banks. This is common for personal transactions, such as moving funds from a checking account to a savings account.

ACH vs ABA Routing Numbers: The Differences

An ABA (American Bankers Association) routing number is similar to an ACH routing number in that it identifies your bank. However, these numbers are used in different contexts.

ACH routing numbers are specifically used for electronic transactions processed through the Automated Clearing House network. This includes direct deposits, bill payments, and other electronic funds transfers. ABA routing numbers (also known as check routing numbers) are used for processing paper checks and for wire transfers. ABA and ACH simply refer to the method in which the money is moved.

These days, the same nine-digit number can serve as both an ACH routing number and an ABA routing number, which means that the ABA and ACH routing number for your bank is likely the same. If that’s the case, your bank will simply refer to its ABA/ACH routing number simply as its “routing number.”

Some banks, however, may provide separate ACH numbers (for electronic transfers) and ABA numbers (for checks and wire transfers).

ACH vs ABA Routing Numbers: History

ABA numbers were created in 1910 by the American Bankers Association (ABA) to help facilitate the sorting, bundling, and shipping of paper checks. They are still used for the processing of paper checks (and also for wire transfers).

More than a half century later, in the late 1960s, a group of California banks banded together to find a speedier alternative to check payments. They launched the first ACH in the U.S. in 1972; that was a key milestone in the evolution of electronic banking.

ACH vs ABA Routing Number: Numerical Differences

In the past, ABA and ACH numbers were slightly different, specifically the first two digits. Today, though, they are typically identical. Your bank’s ABA routing number and ACH routing number are likely to be one and the same. The reason is that both ABA and ACH numbers are used for the same purpose — transferring funds to the correct destination.

The Takeaway

An ACH routing number is a nine-digit code that identifies a bank during an electronic financial transaction. The ACH system has been used for decades and makes life easier by keeping transactions quick and secure. While ACH numbers used to be different from ABA routing codes, today these two numbers are typically the same.

Whether you are setting up direct deposits, paying bills, or transferring money between accounts, it’s essential to know your bank’s ACH routing number. You can find it by looking at your checks, logging into your account, or doing a simple online search. It’s that easy.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.00% APY on SoFi Checking and Savings.

FAQ

Is the routing number different for ACH and wire transfers?

In some cases, the routing number for ACH transactions may be different from the routing number used for wire transfers. ACH routing numbers are used for electronic transactions processed through the Automated Clearing House network, such as direct deposits and bill payments.

Wire transfers, which are often faster and more direct, require an ABA or wire transfer routing number. It’s a good idea to confirm with your bank to ensure you use the correct routing number for the type of transaction you are making.

Do all banks have an ACH routing number?

All banks and credit unions that process ACH transactions have an ACH routing number. This nine-digit number is your bank’s digital address, and is essential for facilitating electronic transactions such as direct deposits and bill payments. Each financial institution has its own specific ACH routing number to ensure that transactions are routed correctly.

Is your ACH number your account number?

No, your ACH routing number is not the same as your account number. The ACH routing number is a nine-digit code that identifies your bank or financial institution. Your account number, on the other hand, is a unique identifier for your specific bank account within that institution.

Both numbers are required for electronic transactions, but they serve different purposes. The routing number directs the transaction to the correct bank, while the account number specifies the particular account to be credited or debited within that bank.

Photo credit: iStock/fizkes

SoFi members with direct deposit activity can earn 4.00% 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 4.00% 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 4.00% 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.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2024 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.

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

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

SOBK-Q224-1885644-V1

Aug

2024

How Do I Check My Credit Score?

By Ashley Kilroy | Budgeting & Goals, Family Finances, money | Comments Off

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

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

Key Points

• Checking a credit score can be done for free through various channels, including banks, credit card companies, and credit counselors.

• Understanding the components of a credit score is crucial, as factors like payment history and credit utilization significantly impact the overall score.

• Monitoring credit scores helps identify discrepancies or fraudulent activities, providing an opportunity to address issues promptly.

• Regularly reviewing credit scores can help individuals gauge their financial health and make informed decisions about loans or credit products.

• Experts recommend checking credit scores at least once a year, or more frequently when preparing for significant financial decisions or suspecting fraud.

What Is a Credit Score?

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

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

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

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

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

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

💡 Quick Tip: An online bank account with SoFi can help your money earn more — up to 4.40% APY, with no minimum balance required.

What Your Credit Score Means

fico ranges

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

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

The FICO ranges look like this:

• Poor: 300-579

• Fair: 580-669

• Good: 670-739

• Very good: 740-799

• Exceptional: 800-850.

Credit Score vs. Credit Report

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

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

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

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

Check out our Money Management Guide.

This article is from SoFi’s guide on how to manage your money, where you can learn basic money management tips and strategies.

How Do I Check My Credit Score for Free?

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

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

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

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

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

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

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

Recommended: Track your credit score for free with SoFi.

How Are Credit Scores Determined?

how credit scores are determined

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

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

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

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

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

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

Learn more about credit here:

Can I Check My Own Credit Score Without Affecting It?

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

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

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

What Credit Checks Can Hurt My Score?

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

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

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

• Submitting a new utility application

• Applying for a new credit card

• Requesting a credit limit increase

• Renting an apartment.

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

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

Why You Should Check Your Credit Scores

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

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

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

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

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

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

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

How Often Should You Check Your Credit Scores?

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

The Takeaway

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

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.00% APY on SoFi Checking and Savings.

FAQ

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

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

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

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

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

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

Photo credit: iStock/Anchiy

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SoFi members with direct deposit activity can earn 4.00% 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 4.00% 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 4.00% 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.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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

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

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

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SOBK0723009

Can You Deposit Cash at an ATM?

How to Deposit Cash at an ATM

Locate an ATM

Insert Your Bank Card

Follow the On-Screen Instructions

Feed Your Money Into the ATM

Sign Out

Can You Deposit Cash at Any ATM?

Can You Deposit Cash at an ATM for an Online Bank?

When Depositing Cash at an ATM, Is It Available Immediately?

Things to Consider When Depositing Cash at an ATM

Depositing Cash at an ATM That Isn’t Your Bank

Potential Problems

Fees

Limits

The Takeaway

FAQ

How do you deposit cash at an ATM?

Can you deposit checks at an ATM?

Are there ATM deposit fees?

How much cash can be deposited in an ATM?

How can I deposit money without going to the bank?

Understanding ChexSystems

What Is ChexSystems?

What Is In a ChexSystems Report?

How to Get a Copy of Your ChexSystems Report

How to Clean Up Your ChexSystems Report

Get up to $300 when you bank with SoFi.

Does a ChexSystems Report Affect Your Credit Score?

Options if You’ve Been Denied a Bank Account Due to ChexSystems

The Takeaway

FAQ

What happens if you are on ChexSystems?

Can you remove yourself from ChexSystems?

How do I know if I am in ChexSystems?

How long does a person stay in ChexSystems?

Which banks report to ChexSystems?

How Long Does It Take a Mobile Deposit to Clear?

How Long Does a Mobile Check Take to Deposit?

What Factors Might Cause Mobile Deposit Delays?

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The Takeaway

FAQ

Are mobile check deposits available immediately?

How long does it take for a mobile deposit to go in?

Why is my mobile deposit taking so long?

Guide to ACH Routing Numbers

What Is an ACH Routing Number?

Get up to $300 when you bank with SoFi.

How Do I Find My ACH Routing Number?

Using Your Checkbook

Using Your Online or Mobile Bank Account

Using the Internet

Contacting Customer Service

What Are ACH Routing Numbers Used For?

ACH vs ABA Routing Numbers: The Differences

ACH vs ABA Routing Numbers: History

ACH vs ABA Routing Number: Numerical Differences

The Takeaway

FAQ

Is the routing number different for ACH and wire transfers?

Do all banks have an ACH routing number?

Is your ACH number your account number?

How Do I Check My Credit Score?

What Is a Credit Score?

What Your Credit Score Means

Credit Score vs. Credit Report

How Do I Check My Credit Score for Free?

How Are Credit Scores Determined?

Can I Check My Own Credit Score Without Affecting It?

What Credit Checks Can Hurt My Score?

Why You Should Check Your Credit Scores

Get up to $300 when you bank with SoFi.

How Often Should You Check Your Credit Scores?

The Takeaway

FAQ

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

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

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

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