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Checking vs Savings Accounts
https://www.sofi.com/learn/banking/checking-account-vs-savings-account/
The main differences between checking and savings accounts is that checking accounts are for spending and come with a debit card and checks, while savings accounts are a place to stash and grow your money via interest earned but your access may be more limited. These two kinds of financial products can form the foundation […]
How to Get a Cashier’s Check Without a Bank Account
https://www.sofi.com/learn/content/where-to-get-a-cashiers-check-without-a-bank-account/
When the recipient of a payment wants reassurance that a check is valid and will not bounce — especially in large transactions like a car purchase or a down payment on a house — a cashier’s check can be a good solution. In fact, in some financial transactions, a cashier’s check is required. If you […]
Can You Overdraft Your Savings Account?
https://www.sofi.com/learn/content/can-you-overdraft-your-savings-account/
It is possible to overdraft a savings account, which is when your balance drops below zero. This could happen if you forgot to deposit a check into the account and then transferred funds out, for instance. Or maybe you moved more money out of the savings account into your checking than you actually had. These […]
How Long Does It Take for a Deposited Check to Clear?
https://www.sofi.com/learn/content/how-long-does-it-take-for-a-check-to-deposit/
Despite the increasing popularity of digital payments, you may still receive the occasional paper check. The good news: You’ve come into some money. The not-so-good news: It may take a day or two (possibly even longer) before you can actually access those funds. The time it takes for a check to clear can vary depending […]
Guide to Overdraft Fees: What Happens if You Overdraft Your Bank Account and Don’t Pay It Back?
An overdraft is a negative balance in your bank account and can occur for any number of reasons. You might accidentally spend more than you have available in your checking account, for example, or forget to transfer funds before an automated payment gets debited from your checking account. Whatever the cause, an overdraft comes with […]