Paying Bills With a Savings Account

Aug

2024

Paying Your Bills From a Savings Account

By Sarah Li Cain | Budgeting & Goals, Debt Payoff, Financial Independence, money | Comments Off

Checking accounts are designed for everyday money management and make it easy to pay bills, either online or via debit card or check. Savings accounts, on the other hand, are set up for saving rather than spending. These accounts typically pay a higher interest rate on your balance to incentivize saving, and don’t provide the same ease of access as checking accounts.

That said, it’s possible to pay bills using your savings account. Whether or not you should, however, is another question. Here’s a look at when and how you might use your savings account to cover bills, whether it’s a one-off expense or a recurring payment.

How to Pay Bills From Your Savings Account

Since savings accounts aren’t set up for covering regular expenses, they don’t come with checks or a debit card. However, there are some other ways to pay bills with a savings account. Here are some to consider:

Withdraw Cash

If you’re able to pay a bill in cash, you can withdraw it from your savings account at an ATM using your ATM card or, if you also have a checking account at that bank, your debit card. To avoid fees, be sure you use an ATM that’s in your bank’s network. Also keep in mind that banks typically allow a maximum of $500 to $1,000 to be withdrawn at an ATM per day. You can withdraw more cash by going to a teller to make the withdrawal.

Make a Transfer

A simple way to use your savings account to pay a bill is to transfer the needed amount into your checking account, then make the payment from there. You can typically make this kind of transfer by using your banking app, logging into your account online, or visiting a local branch.

If your checking and savings accounts are at the same bank, the transfer is usually immediate. If your savings account is at a different financial institution than your checking account, it may take up to three days to post.

Use Bill Pay

In some cases. you may be able to set up a direct recurring payment from your savings account to a company or service provider, such as your credit card issuer or utility company. To do this, you’ll need to supply the billing company with the routing and account number for your savings account. Once the account is authorized, that company can then debit funds from your savings account.

Keep in mind, however, that some billing companies do not allow automatic debits to come from savings accounts. Plus, some financial institutions don’t permit this type of transaction.

Get a Cashier’s Check

For a large, one-time bill, you might consider using a cashier’s checks. This type of check looks and works like a typical check, except it’s written by a bank or credit union for withdrawal from the institution’s account, instead of the customer’s personal funds. Because the financial institution guarantees the check, it’s considered a highly secure form of payment.

To use a cashier’s check to pay a bill with a savings account, you’ll need to visit your bank or credit union and purchase the check using funds from your savings account. Financial institutions typically charge a fee for cashier’s checks.

What Else Are Savings Accounts Used For?

Savings accounts work well for storing and growing funds you don’t need immediately but plan to use some time in the next few months or years.

Since these accounts keep your money safe and accessible, they are ideal for building your emergency fund. A general rule of thumb is to keep at least three to six months’ worth of living expenses parked in a separate savings account that earns a competitive return, such as a high-yield savings account. When an emergency or unexpected expense comes up, you can then easily access those funds and immediately have the cash you need to deal with the problem.

Savings accounts also work well for short-term savings goals, such as paying for a vacation, new car, or home improvement project. For longer-term goals like retirement or a child’s college education, however, you’re likely better off investing your funds in the market, which involves risk but can provide greater returns over the long term.

Tips for Getting the Most Out of Your Savings Account

These strategies can help you maximize the benefits of a savings account.

• Select a high-yield or high-interest savings account. If your money is sitting in an account, earning as much interest on it as you can maximizes your cash.

• Set some specific savings goals. Understanding why you want to save money, whether it’s for a home, a vacation, or an emergency fund, can help you stay motivated to stick to your savings plan.

• Try to minimize withdrawals. To make sure your savings account grows, rather than shrinks, try to limit everyday spending to the money you have available in your checking account.

• Automate savings. To reach your savings goals faster, consider setting up a recurring transfer from checking to savings for a set day each month, ideally right after your paycheck clears.

Consequences of Paying Bills With Your Savings Account

In the past, the Federal Reserve has limited the number of transfers or withdrawals from a savings account to six per statement period under a rule called Regulation D. In response to the coronavirus pandemic, however, the Federal Reserve Board lifted the six-per-month limit. While some banks and credit unions have since loosened restrictions, many have chosen to continue imposing transaction limits. Exceeding the limit can result in a fee or, if it happens repeatedly, conversion or closure of your account.

Even if your bank doesn’t limit savings account transactions, using a savings account to pay bills generally isn’t as easy or convenient as using a checking account. Moreover, using your savings account for bill payments can reduce your balance, impacting your ability to earn interest and save for future goals.

Alternative Ways to Pay Your Bills

If you prefer to keep your savings account strictly for saving. Here are some other ways you can pay your bills:
Check

• Direct debit from your checking account

• Online bill payment using your checking account

• Money order

• Cash (paid in person)

• Credit card

The Takeaway

While it’s possible to pay bills from your savings account, it’s generally not the most practical or cost-effective. Savings accounts are designed for saving money and earning interest, making them better suited for short-term saving goals rather than daily expenses.

That said, there may be times when you need to tap your savings to make a payment. In those instances, withdrawing cash or transferring money to a checking account are generally the most convenient ways to spend the money in your savings account.

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 4.30% APY on SoFi Checking and Savings.

FAQ

What ways can you spend using your savings account?

You can spend money from your savings account by withdrawing cash at an ATM, transferring funds to your checking account (and spending them from there), getting a cashier’s check, and, if your bank allows it, through direct online payments.

Why is it difficult to pay bills with your savings account?

Savings accounts are primarily designed for storing funds and earning interest, not for frequent transactions. As a result, many banks impose restrictions and fees to discourage the use of savings accounts for regular bill payments and everyday spending.

Can you pay direct debit from a savings account?

It depends on your bank and who you are trying to pay. In some cases, it’s possible to set up a direct debit from a savings account to a payee. However, some billing companies only permit direct debits from checking accounts, and many banks block this type of transaction.

Even if you are able to set up autopay through your savings account, you’ll also want to keep in mind that banks often limit transactions from savings accounts to six per month. Automatic debits could cause you to exceed your limit, resulting in fees and, in extreme cases, closure of your account.

Photo credit: iStock/PeopleImages

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.

*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.

SoFi members with direct deposit activity can earn 4.30% 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 4.30% 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 4.30% 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 10/8/2024. 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.

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Aug

2024

How Do You Get a Debit Card?

By Rebecca Lake | Financial Independence, money | Comments Off

A debit card offers an easy way to make purchases, pay bills, and withdraw cash at automatic teller machines (ATMs). These cards are issued by banks and credit unions and offer a direct link to your checking account. While they look like credit cards, and offer some of the same benefits, they don’t involve accumulating any debt. If you don’t yet have a debit card, here’s information on what they do and how to get one.

What Do Debit Cards Do?

A debit card, also known as a bank card, is a physical card that replaces the need to carry cash. You can use a debit card to make purchases both in person or online using the funds in your bank account. Debit cards are typically associated with checking accounts, though some types of savings accounts (such as money market accounts) offer debit cards. You can also use a debit card to withdraw or deposit cash at ATMs.

When you make a transaction using a debit card, the money is immediately deducted (or debited) from your bank account balance. This makes a debit card different from a credit card, which involves borrowing funds from your card issuer to make purchases. With a debit card, you generally can’t spend more than you have in your bank account, and won’t get a bill at the end of the month.

Every debit card has a unique (typically) 16-digit number and expiration date, which are usually on the front of the card. Your card should also have a three-digit debit card security code, or CSC (also sometimes called a CVV or CVC), which you typically need to enter when making debit card purchases online. Your CSC code is different from your personal identification number (PIN), which you usually need to use to complete purchases at the checkout or withdraw cash at ATMs.

What Do You Need Before You Get a Debit Card?

To get a debit card, you generally need to open a checking account. The application process varies by institution, but you will likely need to provide:

• Your name, date of birth, and Social Security number

• Proof of address (such as a lease, mortgage statement, or utility bill)

• A government-issued photo ID (such as a driver’s license or passport)

• An initial deposit is required by some, but not all, banks

If you’re applying for a new bank account with a joint owner, they’ll need to provide their personal information and identification as well.

How to Get a New Debit Card

Once your account is open, here are the steps for how to get a debit card.

1. Request a Debit Card

If the bank doesn’t automatically issue you a new debit card when you open your account, you may need to request one. The bank will typically mail you your card, which can take anywhere from a few days to two weeks. If you need a card sooner you can request expedited delivery (but there may be a fee).

2. Activate Your Card

Once you receive your debit card, you’ll need to follow the instructions provided to activate it. This usually involves calling a phone number, going online, or visiting an ATM. Whatever method you choose, you will likely need to verify the card number, expiration date, and three-digit security code.

3. Set Your PIN

Either during the activation process or at a later date, you’ll need to set up a PIN, which is a (typically) four-digit numeric code used to verify your identity when making transactions. It acts as a password, ensuring that only you can access your funds. You’ll want to choose a PIN that you’ll remember but others can’t easily guess. If you ever forget your PIN, many banks allow customers to change or reset their debit card PIN via their website or mobile app’s debit help center.

The Benefits of Getting a Debit Card

There are several advantages to having a debit card. If you’re not using a debit card yet, here are some of the benefits you might be missing out on.

• Convenience: Debit cards allow easy access to funds for everyday transactions and online purchases. You can also link debit cards to mobile wallet apps for quick contactless payments when shopping in stores.

• No debt: With a debit card, you can generally only spend what you have in your account, avoiding credit card debt and interest.

• Quick access to cash: When you do need cash for payments, debit cards can be used at ATMs to withdraw money. In addition, some retailers allow you to get cash back at the checkout counter when making a purchase.

• Safe transactions: Debit card technology mirrors that of traditional credit cards and comes with features like chips, PINs, and other safety measures.

• Manage spending: Using a debit card for purchases and paying bills makes it easy to track your spending. By logging into your bank’s website or app, you can get an overview of what purchases were made, which can help with budgeting and money management.

• Rewards programs: Some debit cards offer rewards or cashback on purchases.

• Bill payments: You can often store your debit card information inside payment accounts for recurring monthly bill payments, which can simplify paying bills.

Debit Card Fees

While a debit card may be furnished by your bank at no charge to you, there are some potential fees to be aware of.

• ATM fees: ATM fees may apply when you use a machine that’s outside of your bank’s approved network. Your bank may charge you an out-of-network ATM fee and the owner of the ATM may also hit you with a fee.

• Monthly maintenance fees: Some banks charge a monthly fee for maintaining a checking account. This can often be waived with a minimum balance or direct deposit.

• Foreign transaction fees: If you use your debit card at an ATM or store outside of the U.S., you may need to pay a foreign transaction fee.

• Overdraft fees: If you have overdraft coverage and use your debit card to spend more than your account balance, your bank may cover the overage and charge you an overdraft fee.

• Replacement card fees: Losing your card or needing a replacement might result in a fee.

• Inactivity fees: Some banks charge a fee if your account remains inactive for a certain period.

Can You Get Denied for a Debit Card?

It’s possible to be denied a checking account and, subsequently, a debit card, if you have a negative banking history. While banks don’t typically report your checking and saving account activity to the consumer credit bureaus, any history of bounced checks, unpaid fees, and involuntary account closures may be accessible through ChexSystems, which is a reporting agency for the banking industry.

If you have negative information in your ChexSystems report, such as involuntary bank account closures, frequent overdrafts, or unpaid negative balances, you may get denied for a new bank account.

You may, however, be able to get a debit card with a second chance checking account. Second chance bank accounts are designed for people who may have had trouble with banking in the past and are trying to get back on track. These accounts may have limited features and benefits compared to traditional checking accounts, but they can be a good stepping stone for rebuilding banking history.

The Takeaway

Debit cards provide a convenient and secure way to manage your finances, offering benefits like eliminating the need to carry cash, secure transactions, and budgeting assistance.

Getting a debit card is a relatively simple process that begins with opening a checking account. You can improve your chances of getting approved for a debit card by maintaining a positive banking history, clearing any outstanding issues with previous banks, and ensuring your identification documents are in order.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.30% APY on SoFi Checking and Savings.

FAQ

What things can’t you do with a debit card?

While debit cards are versatile, they come with some limitations. You generally can’t use a debit card for activities that require a hold larger than your available balance, such as renting a car or booking a hotel room. In addition, some online subscriptions and services may only accept credit cards. Also keep in mind that credit cards usually offer greater consumer protections on purchases related to fraud than debit cards.

What things can’t you do without a debit card?

Without a debit card, you may face difficulties accessing cash quickly. In addition, you won’t be able to make cashless in-store purchases using the funds in your checking account. Your only option for digital payment will be a credit card, which entails borrowing funds and, if you don’t pay your balance in full, paying interest.

Is the process of getting a debit card hard?

No, the process of getting a debit card is relatively simple. It involves opening a checking account with a bank or credit union. Depending on the institution, you may be able to open an account online or may need to visit a branch. Once your checking account is open, the bank or credit union will typically issue and mail your debit card to your address, which you then need to activate.

If you have a credit card, do you need a debit card?

While a credit card can cover many of your financial needs, it’s still a good idea to have a debit card. Debit cards provide direct access to your funds without incurring debt, which helps with budgeting and avoiding interest charges. You can use a debit card to withdraw cash from ATMs, make everyday purchases in person and online, and manage your expenses in real time. In addition, some merchants and service providers may prefer or require a debit card.

Photo credit: iStock/Pekic

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Aug

2024

Can a Money Order Be Refunded?

By Jacqueline DeMarco | Credit, money | Comments Off

It may be possible to cancel a money order before it’s cashed and seek a refund. A money order is a type of payment that is very secure due to the fact that the payer purchases the money order with cash upfront. That way, the recipients don’t have to worry about the payment not going through like they would with a check that could bounce.

If for whatever reason the payer needs to get the money order refunded, that can be done before the recipient cashes or deposits the money order. Read on for more insight into how to get a money order refund and other important considerations about canceling or returning a money order.

Why You Might Need to Return a Money Order

These are a few common reasons for requesting a refund on a money order.

• When a money order is lost. If for whatever reason the money order is lost in the mail, it’s wise to act as quickly as possible to ensure the wrong person doesn’t try to cash that money order. Luckily, money order issuers typically have a protocol established in the event that a money order is lost, similar to how a bank can help you if a check written against your checking account gets lost.

They can either cancel the payment, replace the money order, or refund the money order. These services do come with a fee, but it’s usually much smaller than what the loss of the whole money order would be.

• When a money order is stolen. If a money order is stolen or fraud occurs, the issuer can take steps to cancel, replace, or refund the money order. Again, it’s important to make this request quickly before the thief gets a chance to cash a money order.

• When the payment is no longer necessary. In some situations, the payer decides they no longer need the goods or service they used the money order to pay for. In this situation, they may want to cancel it and request a refund from the issuer before it’s cashed, instead of trying to get a refund from the payee after they deposit or cash it.

What Do You Need for a Money Order Refund?

If you decide you want to get a refund for a money order you purchased, it can be a wise move to first track the money order and see if it’s been cashed. If it hasn’t, you can then contact the issuer of the money order so they can share what’s required to issue the refund. That being said, most money order issuers require the following things in order to refund a money order.

• The receipt. The easiest way to start the refund process is to present the money order issuer with the receipt. If you don’t have the receipt, you can likely contact or visit the physical location of where you purchased the money order to talk through their options for moving forward. With most issuers, you can submit a research request form to have the details of the money order confirmed; there’s often a fee for this service.

• A completed cancellation request form. Next, you usually need to complete and sign a cancellation request form in order to cancel the money order so you can qualify for a refund. Once the money order is canceled, you can request either a refund of the purchase price or a replacement money order.

• Method of identification. Usually, presenting your ID is necessary in order to cancel a money order.

• Money to pay cancellation fee. Most money order issuers charge a cancellation fee, and that fee can increase without a receipt present, as described above. Currently, fees can range from just a few dollars to $15 to $20, varying with the provider and the amount of the money order.

Recommended: Where to Cash a Money Order

Process of a Money Order Refund

Here is a step-by-step guide to what to expect when refunding a money order.

Step 1. Find the Receipt

It’s important to hold onto the receipt for a money order in case the payer does end up wanting to return it. It can still be possible to return the money order without a receipt in some cases, but the process may not be as seamless.

Step 2. Submit a Cancellation Form

In order to qualify for a refund, the money order first needs to be canceled. To cancel a money order, you usually need to complete and sign the cancellation form. At this point, you typically need to show your ID, so this probably takes place in person at a money order purchase location. When you submit a cancellation form, you may have the option of requesting a refund.

Step 3. Pay the Cancellation Fee

It’s important to be aware that canceling a money order usually comes with a fee and that fee can increase when someone doesn’t have the original receipt, as noted above.

How Long Does a Money Order Refund Take?

How long it takes to refund a money order depends on the issuer, but this process can take up to 60 days.

How Much Does It Cost for a Money Order Refund?

How much it costs to get a refund for a money order depends on the fee structure charged by the issuer. All issuers set their own fees, and some may charge more if someone doesn’t have a receipt for their money order. That being said, it can cost between about $5 to $30 to get a refund for a money order with a face value of $5 or more.

The Takeaway

A money order can often be refunded if it has not yet been cashed. You may want to pursue this process if a money order has been lost or stolen or if it was used to pay for goods or services you have not received or are not satisfied with. There are a few steps to the process, and there may be a fee charged, but it’s usually fairly minimal and is likely worth getting the original amount of money back.

Money orders are just one way to cover spending. A checking and savings account can provide other options.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.30% APY on SoFi Checking and Savings.

FAQ

Can you get a refund for a money order that has been accepted?

Once a money order has been deposited or cashed by the recipient, it is not possible for the issuer to offer a refund. Because of this, it’s vital to be certain that you want to issue a money order before committing to buying one.

How long do money orders last?

One good thing about money orders is they don’t expire, so the payee can wait a while to cash them. That being said, it’s important not to wait too long to cash or deposit a money order. Usually, if a money order hasn’t been cashed after one to three years, a non-refundable service charge is deducted from the principal amount of the money order and may continue to be charged, which can diminish and even deplete the value of the money order.

How can I tell if someone has cashed the money order?

If someone isn’t certain whether the recipient of their money order has cashed it, they can check the status of the money order with the issuer. Usually, this can be done online on the money order issuer’s website. They may need to provide information such as the money order’s serial number and the issued amount in order to confirm whether it was cashed or not.

Photo credit: iStock/MicroStockHub

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 4.30% 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 4.30% 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 4.30% 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 10/8/2024. 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.

SOBK1222021

Aug

2024

The Process of Filling Out a Money Order

By Jacqueline DeMarco | Financial Independence, money | Comments Off

A money order is essentially a paper check that you prepay, so it can’t bounce like a check can. Money orders guarantee the payment will go through which can give a payment some much-needed validity.

If someone hasn’t bought a money order before, they may not know how the process works. Keep reading to learn what a money order is and how to fill out a money order, step by step.

What Is a Money Order?

Unlike a check, a money order isn’t linked to the payer’s checking account. Instead, the money order is paid for upfront with cash. The payer must buy the money order and this can be done at select financial institutions or the U.S. Postal Services.

Some people request payments be made by money order because the money order can’t bounce like a check paid from your checking account could. If the money order is real and valid, then the funds are guaranteed because the payment was made at the time of purchase.

Money orders may be viewed as a bit old-fashioned, but they’re still around for a reason — they’re reliable.

Recommended: What Is a Cashier’s Check?

What Is Needed to Fill Out a Money Order?

Not sure what information you’ll need to fill out a money order? Generally, payers should have the following information on hand when they’re ready to buy a money order.

• Payee’s name (must be spelled the same as the name on their ID)

• Payee’s address

• Your name and address

• Memo information (payment reason, account number, etc.) is optional

5 Steps to Filling Out a Money Order

When you’re ready to fill out a money order, you can purchase one at locations such as:

• Banks and credit unions

• Post offices

• Grocery and convenience stores

• Walmart and other mass retailers

• Check-cashing companies

When you buy one (whether paying in cash, with a debit card, or possibly buying a money order with a credit card), you’ll need to provide the payment amount for the money order, and then follow these steps to fill it out:

Step 1. Add the Payer’s Name and Address

Write the name of the individual or business that the payment is going to. It’s vital that the payee’s name is spelled correctly, because when they go to cash a money order (they have a few options for where they can cash their money order), they will have to show their ID to confirm they’re who the money order is for.

Step 2. Write Your Name and Address

The payer then typically needs to write down their name and address in the purchaser section of the money order. Again, this is a step that requires care; write clearly and accurately.

Step 3. Add an Optional Memo

If the payer wishes, they can add additional info in the memo such as what the money is going to be used for or their account number (this is more common when paying bills).

Step 4. Sign the Money Order

To make a money order official, the payer has to sign it.

Step 5. Keep the Receipt

It’s important to hold onto the receipt for a money order until the payer confirms that the payee received and cashed or deposited the money order. This is a crucial step that shouldn’t be skipped. If for some reason the money order is lost, stolen, or involved in a form of fraud, then having the receipt is necessary in order to cancel the money order.

How Long Does It Take for a Money Order to Go Through?

It can take from a few hours to two weeks for a money order to go through. If you make funds available and the payee goes to a pickup location, the process might only take a couple of hours. If a person cashes a money order and transfers it to a bank account, it could take a couple of days. Or it might take longer if mailed and then cashed. (Payment forms such as a wire transfer can be faster, but that requires the payer to have a bank account.) If someone sends a payment via money order and it hasn’t been cashed or deposited within two weeks, then it may be time to cancel the money order.

Typically, money orders only take a few days to arrive via mail, but holidays and weekends can cause delays. The recipient also has to take the steps necessary to deposit or cash the money order. Though they are typically good indefinitely, they could potentially start losing value after an extended period of time due to service charges.

Importance of Filling Out a Money Order Correctly

It’s vital to fill out a money order correctly, as it’s not possible to change the details on a money order after completing it. It’s especially important to correctly write the name of the recipient since the name on the money order needs to match the name on their ID in order to cash it.

It’s also important to fill out a money order as soon as possible when you buy it. If you purchase a money order and it gets lost or stolen before you fill it out, the person who obtains it could fill it out to themselves and cash it.

How Much Does It Cost to Send a Money Order?

How much it costs to send a money order depends on where the money order is purchased. It usually only costs $1 to $5, and how much it costs can also depend on the value of the money order. For example, if you obtain a money order at a U.S. Post Office at the time of publication, the fee will be $2.35 if the value is up to $500 and $3.40 if the value is between $500.01 and $1,000, the maximum amount available.

Sending a money order internationally can also increase costs.

The Takeaway

Money orders can offer an affordable and convenient way to send someone a guaranteed payment — unlike a check which can bounce. Filling out a money order typically involves writing the payee’s and payer’s name and address, adding a memo if desired, and signing the money order; keeping the receipt is an important step, too.

Money orders aren’t the only way to send payments, though. Your banking partner probably has several other possibilities available to you.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.30% APY on SoFi Checking and Savings.

FAQ

What can you use a money order for?

Money orders can be used to make a variety of different types of payments. They can come in handy for making purchases when someone can’t write a check because they don’t have a checking account. A good use of a money order can be paying rent, since the landlord knows the payment is guaranteed, but many different vendors accept money orders, and it can be a convenient way to make international payments.

What are some alternatives to money orders?

If someone doesn’t want to buy a money order, they have a few alternative payment options available to them like a cashier’s check, which is guaranteed by the financial institution issuing it. Other options include wire transfers and digital payment services.

How long does it take to fill out a money order?

It generally only takes a few minutes to fill out a money order. To make the process go faster, it’s a good idea to know the exact spelling of the recipient’s name to add to the money order, as well as their address. Having the right amount of cash on hand to purchase the money order can also make the transaction go swiftly.

Photo credit: iStock/Image Source

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 4.30% 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 4.30% 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 4.30% 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 10/8/2024. 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.

SOBK1222017

Aug

2024

TEACH Grant: Defined, Explained, and Pros and Cons

By Jacqueline DeMarco | Debt Payoff, Fresh Out of School, Going to College, Student Loans, student_loan | Comments Off

If a student has goals of pursuing a career as a teacher, they may find that the Teacher Education Assistance for College and Higher Education (TEACH) Grant can help them meet their goals and reduce their educational expenses. The TEACH Grant is a form of federal financial aid that is focused on helping those pursuing a career in teaching pay for their college expenses.

As part of the TEACH Grant, recipients are required to complete a teaching service obligation in order to get the grant. If this obligation isn’t completed, the grant will be transitioned into a loan that will need to be repaid with interest.

Keep reading for more information on the TEACH Grant, including how it works, pros and cons of the TEACH Grant, and how to apply.

What Is a TEACH Grant?

The TEACH Grant is a federal financial aid program designed to help students pursuing teaching careers pay for college expenses. In order to receive a TEACH Grant, applicants have to agree to teach a subject that is considered “highly needed” in a low-income area with a shortage of specific subject teachers. These schools can be elementary and secondary schools.

Grant awards are up to $4,000 a year when the recipient is in school. Once they start working, they will be paid their normal salary without the addition of any grant funds.

TEACH Grants are eligible for multiple subject areas, including:

• Bilingual education and English language acquisition

• Foreign language

• Mathematics

• Reading specialist

• Science

• Special education

• Any other field that has been identified as high-need by select governing agencies

After graduating, recipients have to teach at a low-income school or educational agency for a minimum of four years. This four-year teaching requirement must be completed within eight years of the recipient’s graduation.

TEACH Grant Eligibility

The TEACH Grant comes with certain eligibility requirements, including:

• Student must be eligible for federal student aid programs

• Student has to be an undergrad or graduate student

• The recipient’s school has to participate in a TEACH Grant-eligible program of study

• Student has to be enrolled in one of these eligible programs

• Recipient must score above the 75th percentile on one or more portions of a college admissions test or has to maintain a cumulative grade point average of 3.25 or higher

How the TEACH Grant Works

Students who qualify for the TEACH Grant program may receive up to $4,000 a year in funding if they are in the process of completing — or one day plan to complete — the coursework required to start a teaching career.

In order to qualify for a TEACH Grant, the student has to sign a TEACH Grant agreement to work full-time as a teacher for four years at an elementary or secondary school or educational service agency that serves low-income students. They also need to teach in a high-need field and have to finish their teaching obligations within eight years after they graduate from or stop being enrolled at the institution of higher education where they received a TEACH Grant.

Do You Have to Pay It Back?

If the recipient fulfills all service obligations of the grant, they won’t have to repay their TEACH Grant. However, if they don’t fulfill the TEACH Grant requirements, then all TEACH Grants they received will be converted to Direct Unsubsidized Loans that they must repay in full. They will be charged interest starting from the day of their TEACH Grant disbursement.

Can It Be Used for Living Expenses?

The TEACH Grant is intended to fund coursework (up to $4,000 annually) for students who are in the process of or will one day complete the coursework required to begin a teaching career. Consider consulting with the financial aid department of the school the student is attending to see if these funds can also be used for living expenses.

Pros and Cons of a TEACH Grant

Like any program, the TEACH Grant has some unique advantages and disadvantages associated with it.

Pros	Cons
Up to $4,000 in funding each year to pursue the coursework required to become a teacher	Must work full-time as a teacher for four years at an elementary or secondary school or educational service agency that serves low-income students
If service obligation is fulfilled, the grant doesn’t need to be repaid	If the service obligation is not completed within eight years, the grant will need to be repaid in the form of a Direct Unsubsidized Loan

Applying for a TEACH Grant

The TEACH Grant application is a part of the Free Application for Federal Student Aid (FAFSA®). Students can apply for the TEACH Grant when they submit their FAFSA. Some grants may have limited funding, so it’s generally recommended that students submit the FAFSA earlier rather than later. When the student receives their financial aid offer, they’ll find out if they received a TEACH Grant.

Students must continue to apply for the TEACH Grant each year by submitting the FAFSA annually. They will also be required to complete TEACH Grant counseling and sign a new Agreement to Serve every year.

Not all schools participate in the TEACH Grant, so it’s helpful to contact the school’s financial aid office to find out if they participate in the program and to learn what specific areas of study are eligible for the program.

Alternative Forms of Funding

If a student doesn’t qualify for the TEACH Grant, finds it is not a good fit for their needs, or knows that they don’t want to complete the service obligations, these are some other options they may have for pursuing funding to help pay for college.

Scholarships

When a student receives a scholarship, they don’t have to repay those funds. It’s worth applying for multiple smaller scholarships, not just big ones. Those smaller scholarships can really add up.

Other Grants

Like scholarships, generally students don’t have to repay grants for college (unless the grant has obligations like the TEACH Grant). A student’s financial aid office can help point them in the direction of available grants and filling out the FAFSA annually can help them qualify for other federal grants, such as the Pell Grant.

Recommended: FAFSA Guide

Federal Student Loans

Federal student loans are funded by the U.S. Department of Education and there are a handful of different types of federal loans available to both undergraduate and graduate students. To qualify for federal student loans, students have to fill out the FAFSA each year. Federal student loans generally have better interest rates and terms than private student loans and they come with unique federal protections.

Private Student Loans

Students can borrow private student loans to help fill the gaps that scholarships, grants, and federal student loans leave behind. As mentioned, private student loans may not offer the same benefits as federal student loans, and for this reason, they are generally considered an option only after other funding resources have been exhausted.

Recommended: Guide To Private Student Loans

Part-Time Work

If students are looking to avoid taking on student loan debt or want to lighten their student loan load, they could work part-time to help cover higher education costs and living expenses. There are often on-campus jobs designed to help college students balance their school work and their need to earn an income.

The Takeaway

Paying for college is expensive and a TEACH Grant can help soon-to-be teachers pay for the cost. That being said, the service obligations of this grant won’t appeal to all students and they may find they need to pursue alternative funding, including federal and private student loans.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

FAQ

Is the TEACH Grant worth it?

Each individual needs to consider carefully if the service obligation attached to the TEACH Grant makes the $4,000 in financial assistance worth it to them. If they don’t want to live or teach in an area that services low-income students, they may find this program isn’t a good fit.

Do you have to pay back a TEACH Grant?

Recipients may have to pay back their TEACH Grant if they don’t meet the full requirements of their service obligation. If a recipient failed to meet these obligations, the grant funds they received through this program would be converted to Direct Unsubsidized Loans that have to be repaid in full with interest charges.

What does TEACH Grant stand for?

The acronym TEACH of TEACH Grant stands for Teacher Education Assistance for College and Higher Education (TEACH).

Photo credit: iStock/Marcus Chung

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

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.

SOISL-Q324-049

Paying Your Bills From a Savings Account

How to Pay Bills From Your Savings Account

Withdraw Cash

Make a Transfer

Use Bill Pay

Get a Cashier’s Check

Earn up to 4.30% APY with a high-yield savings account from SoFi.

What Else Are Savings Accounts Used For?

Tips for Getting the Most Out of Your Savings Account

Consequences of Paying Bills With Your Savings Account

Alternative Ways to Pay Your Bills

The Takeaway

FAQ

What ways can you spend using your savings account?

Why is it difficult to pay bills with your savings account?

Can you pay direct debit from a savings account?

How Do You Get a Debit Card?

What Do Debit Cards Do?

Get up to $300 when you bank with SoFi.

What Do You Need Before You Get a Debit Card?

How to Get a New Debit Card

1. Request a Debit Card

2. Activate Your Card

3. Set Your PIN

The Benefits of Getting a Debit Card

Debit Card Fees

Can You Get Denied for a Debit Card?

The Takeaway

FAQ

What things can’t you do with a debit card?

What things can’t you do without a debit card?

Is the process of getting a debit card hard?

If you have a credit card, do you need a debit card?

Can a Money Order Be Refunded?

Why You Might Need to Return a Money Order

Get up to $300 when you bank with SoFi.

What Do You Need for a Money Order Refund?

Process of a Money Order Refund

Step 1. Find the Receipt

Step 2. Submit a Cancellation Form

Step 3. Pay the Cancellation Fee

How Long Does a Money Order Refund Take?

How Much Does It Cost for a Money Order Refund?

The Takeaway

FAQ

Can you get a refund for a money order that has been accepted?

How long do money orders last?

How can I tell if someone has cashed the money order?

The Process of Filling Out a Money Order

What Is a Money Order?

What Is Needed to Fill Out a Money Order?

Get up to $300 when you bank with SoFi.

5 Steps to Filling Out a Money Order

Step 1. Add the Payer’s Name and Address

Step 2. Write Your Name and Address

Step 3. Add an Optional Memo

Step 4. Sign the Money Order

Step 5. Keep the Receipt

How Long Does It Take for a Money Order to Go Through?

Importance of Filling Out a Money Order Correctly

How Much Does It Cost to Send a Money Order?

The Takeaway

FAQ

What can you use a money order for?

What are some alternatives to money orders?

How long does it take to fill out a money order?

TEACH Grant: Defined, Explained, and Pros and Cons

What Is a TEACH Grant?

TEACH Grant Eligibility

How the TEACH Grant Works

Do You Have to Pay It Back?

Can It Be Used for Living Expenses?

Pros and Cons of a TEACH Grant

Applying for a TEACH Grant

Alternative Forms of Funding

Scholarships

Other Grants

Federal Student Loans

Private Student Loans

Part-Time Work

Student Loan
Refinancing

Personal
Loans

Online
Investments