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Guide to Market-Linked Certificates of Deposit (CDs)
https://www.sofi.com/learn/content/what-is-a-market-linked-certificate-of-deposit/
A market-linked certificate of deposit (CD) tracks a basket of underlying securities, or an index like the S&P 500. They differ from traditional CDs, which generally pay a fixed rate of interest. These accounts are sometimes called equity-linked CDs or stock CDs. A market-linked CD (MLCD) is similar to a traditional certificate of deposit, in […]
Check Kiting: What It Is and How to Avoid Potential Scams
https://www.sofi.com/learn/content/what-is-check-kiting/
Check kiting is the illegal act of writing bad checks using bank accounts with insufficient funds. Common variants include retail check kiting and securities-based kiting. Consumers and business owners should know about this fraudulent practice to protect themselves.While mistakenly writing a bad check is often not a serious issue, there can be harsh penalties, including […]
Guide to Bank Affidavits
https://www.sofi.com/learn/content/what-is-a-bank-affidavit/
A bank affidavit is a legal document that proves a person’s relationship with a financial institution. An affidavit can also help in matters of financial fraud and with the immigration process. It does this through the use of official signatories and witnesses to assure proper document completion. Typically, banks and embassies are places to find […]
What Is a Lifeline Checking Account and How Does It Work?
https://www.sofi.com/learn/content/what-is-a-lifeline-checking-account/
A lifeline checking account is a basic bank account that features minimal fees and other cost-cutting elements, making it more accessible to first-time bank-account holders and those at lower income levels. These accounts can be, as the name indicates, a lifeline for those who are seeking firmer financial footing.For example, a lifeline checking account may […]
Why You Can’t Open a Bank Account and What to Do Next
https://www.sofi.com/learn/content/why-was-i-denied-a-checking-account/
It’s certainly a frustrating experience to be denied a checking account. The problem could be with your past banking history, an error on your bank reports, or a mistake you made filling out your application, among other reasons. Once you find out what the issue is, you can take steps to remedy the situation and […]