Returned item charges are bank fees that are assessed when you don’t have enough money in your account to cover a check (or online payment) and the bank doesn’t cover that payment. Instead, they return the check or deny the electronic payment, and hit you with a penalty fee. Returned item fees are also called non-sufficient funds (NSF) fees. While these fees used to be ubiquitous, some banks have chosen to eliminate them.
What Is a Non-Sufficient Funds (NSF) Fee?
A non-sufficient fund or NSF fee is the same thing as a returned item fee. These are fees banks charge when someone does not have enough money in their checking account to cover a paper check, e-check, or electronic payment. They are assessed because the bank has to put forth additional work to deal with this situation. They also serve as a way for banks to make money. The average NSF fee is $19.94.
In addition to being hit with an NSF fee from the bank, having bounced checks and rejected electronic payments can cause you to receive returned check fees, late fees, or interest charges from the service provider or company you were attempting to pay.
How Do Non-Sufficient Fund Fees Work?
Here’s a basic example. Let’s say that someone has $500 in the bank. They withdraw $100 from an ATM and forget to record that transaction. Then, they write a check for $425, believing that those funds are available:
- Original balance: $500
- ATM withdrawal: $100
- New actual balance: $400
- Check amount: $425
- Problem: The check is for $25 more than what is currently available.
The financial institution could refuse to honor this check (in other words, the check would “bounce” or be considered a “bad check”) and charge an NSF fee to the account holder. This is not the same thing as an overdraft fee.
An overdraft fee comes into play when you sign up for overdraft protection. Overdraft protection is an agreement with the bank to cover overdrafts on a checking account. This service typically involves a fee (called an overdraft fee) and is generally limited to a preset maximum amount.
Are NSF Fees Legal?
Yes, NSF or returned item fees are legal on bounced checks and returned electronic bill payments. However, they should not be charged on debit card transactions or ATM withdrawals.
If you don’t opt in to overdraft coverage (i.e., agree to pay overdraft fees for certain transactions), then the financial institution cannot legally charge overdraft (or NSF) fees for debit card transactions or ATM withdrawals. Instead, the institution would simply decline the transaction when you try to make it.
No federal law states a maximum NSF fee. But The Truth in Lending Act does require banks to disclose their fees to customers when they open an account.
The Consumer Financial Protection Bureau has been pushing banks to eliminate NSF fees, and their efforts have paid off. Many banks have done away with NSF fees and others have lowered them.
Are NSF Fees Refundable?
You can always ask for a refund. If you’ve been with a financial institution for a while and this is your first NSF fee, you could contact the bank and ask for a refund. The financial institution may see you as a loyal customer that they don’t want to lose, so they may say “yes.” That said, it’s entirely up to them — and, even if they agree the first time, they will probably be less willing if it becomes a pattern. (Or, they may say “no” to the very first request.)
Do NSF Fees Affect Your Credit?
Not directly, no. Banking history isn’t reported to the consumer credit bureaus. Indirectly, however, NSF fees could hurt your credit. If a check bounces — say, one to pay your mortgage, car payment, credit card bill, or personal loan — this may cause that payment to be late. If payments are at least 30 days late, loans and credit cards can be reported as delinquent, which can hurt your credit.
And if a payment bounces more than once, a company might send the bill to a collections agency. This information could appear on a credit report and damage your credit. If you don’t pay your NSF fees, the bank may send your debt to a collection agency, which could be reported to the credit bureaus.
Also, keep in mind that any bounced checks or overdrafts could be reported to ChexSystems, a banking reporting agency that works similarly to the credit bureaus. Too many bounced checks or overdrafts could make it hard to open a bank account in the future.
What Happens if You Don’t Pay Your NSF Fees?
If you don’t pay your NSF fees, the bank could suspend or close your account and report your negative banking history to ChexSystems. This could make it difficult for you to open a checking or savings account at another bank or credit union in the future. In addition, the bank may send your debt to a collection agency, which can be reported to the credit bureaus.
How Much Are NSF Fees?
NSF were once as high as $35 per incident but have come down in recent years. The average NSF is now $19.94, which is an historical low.
When Might I Get an NSF Fee?
NSF fees can be charged when there are insufficient funds in your account to cover a check or electronic payment as long as the bank’s policy includes those fees.
What’s the Difference Between an NSF and an Overdraft Fee?
An NSF fee can be charged if there aren’t enough funds in your account to cover a transaction and no overdraft protection exists. The check or transaction will not go through, and the fee may be charged.
Some financial institutions, though, do provide overdraft protection. If you opt in to overdraft protection and you have insufficient funds in your account to cover a payment, the bank would cover the amount (which means there is no bounced check or rejected payment), and then the financial institution may charge an overdraft fee. So with overdraft, the transaction you initiated does go through; with an NSF or returned item situation, the transaction does not go through and you need to redo it. Fees may be assessed, however, in both scenarios.
How to Avoid NSF Fees
There are ways to avoid overdraft fees or NSF fees. Here are some strategies to try.
Closely Watch Your Balances
If you know your bank balance, including what’s outstanding in checks, withdrawals, and transfers, then a NSF situation shouldn’t arise. Using your bank’s mobile app or other online access to your accounts can streamline the process of checking your account. Try to get in the habit of looking every few days or at least once a week.
Keep a Cushion Amount
With this strategy, you always keep a certain dollar amount in your account that’s above and beyond what you spend. If it’s significant enough, a minor slip up still shouldn’t trigger an NSF scenario.
Set Up Automatic Alerts
Many financial institutions allow you to sign up for customized banking alerts, either online or via your banking app. It’s a good idea to set up an alert for whenever your balance dips below a certain threshold. That way, you can transfer funds into the account to prevent getting hit with an NSF fee.
Link to a Backup Account
Your financial institution may allow you to link your savings account to your checking account. If so, should the checking balance go below zero, they’d transfer funds from your savings account to cover the difference.
Use Debit Cards Strategically
If you use your debit card to rent a car or check into a hotel, they may place a hold on a certain dollar amount to ensure payment. It may even be bigger than your actual bill. Depending upon your account balance, this could cause something else to bounce. So be careful in how you use your debit cards.
Look for No-Fee Overdraft Coverage
You can avoid NSF fees by shopping around for a bank that offers no-fee overdraft coverage.
The Takeaway
Returned item fees (also known as NSF fees) can be charged when there are insufficient funds in your account to cover your checks and electronic payments. When you get hit with an NSF fee, you’re essentially getting charged money for not having enough money in your account — a double bummer. To avoid these annoying fees, keep an eye on your balance, know when automatic bill payments go through, and try to find a bank that does not charge NSF fees.
This article originally appeared on SoFi.com and was syndicated by MediaFeed.org.
SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government 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, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
SoFi members with Qualifying Deposits can earn 4.60% 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 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 4.60% 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 10/24/2023. 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. ©2023 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.
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.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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6 Ways to Climb Out of Debt This Year
Many people aspire to live a “debt-free” life. And for good reason: Getting out of debt means that your take-home pay is completely your own (since you won’t be sharing any of it with creditors). Having more money to work with can help you achieve your goals, whether it’s building an emergency fund, sending your kids to college, or being able to retire some day. Knocking down debt can also improve your day-to-day life by relieving stress and boosting your mental health.
The question is, how do you get there? If you’re currently living under a mountain of student loans, credit card debt, medical debt, and/or other types of debt, it can be hard to see a way out or, frankly, even a ray of sunlight. But don’t give up. We’ve got six ideas that can help you whittle down your debt and get on the road to financial independence and freedom.
Inside Creative House/istockphoto
Living “debt-free” can mean different things to different people. In the purest sense, being debt-free means having absolutely zero debt — including no credit card debt, no car or student loans, and no mortgage.
However, some people subscribe to a looser definition of “debt-free,” where you’re free of so-called “bad debt,” such as high-interest credit cards and payday loans, but recognize that some debt is “good.”
A low-interest mortgage or student loan, for example, can be considered good debt, since it can help you increase your net worth or generate future income. This looser definition may work to your advantage because it allows you to achieve milestone goals like owning a home without high-interest debt burdening your monthly finances.
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However you define debt-free living, knocking down your debt comes with a wide range of benefits — some expected and some, perhaps, surprising.
- More money to spend: Interest charges eat away at your income, giving you less money for other things. Once you pay off your debts (particularly those with high interest rates), you’ll have a lot more money in your pocket.
- Financial stability: By freeing up cash, you’ll have money available to build your emergency fund (your best defense against running up costly debt in the future). You’ll also be able to put money towards other goals and investments.
- Less stress and anxiety: Dealing with debt isn’t just a financial challenge — it also impacts mental health. In a recent Forbes Advisor survey, 54% of adults said they often or always feel stressed by their debt circumstances; another 32% said they sometimes feel stressed because of their debt.
- A happier marriage: In the Forbes survey, 60% of respondents said financial stress has led to disagreements in their relationships. Money fights are a common cause of divorce.
- Increased self-esteem: Eliminating debt isn’t easy — it takes hard work, discipline, and determination. Reaching your debt payoff goals can give you a huge sense of accomplishment that leads to greater self-confidence.
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Having a lot of debt can feel overwhelming. The key to gaining control over the situation is to approach it one step at a time. Here are six strategies that can help.
1. Creating a Workable Budget
A smart debt-payoff plan begins with a realistic budget. Having a basic budget will help you live within your means (so you don’t get into more debt) and free up extra cash to put towards your debts each month.
The first step in creating a budget is understanding your monthly expenses. This includes everything from rent or mortgage payments, utility bills, groceries, and transportation costs to smaller expenses like subscriptions, leisure activities, and dining out. By assessing your expenses over the last several months, you may be surprised by how much you are spending in certain categories. You may also immediately find some places to cut back, such as canceling membership to a gym you rarely use and/or giving up streaming services you rarely watch.
If the idea of tracking every penny has been a barrier to budgeting, or if you’ve tried and failed in the past, try keeping things simple. The 50/30/20 rule is a simplified budgeting strategy that’s gained traction because it limits the number of spending categories you need to establish and track.
With this approach, you divide your take-home pay (what’s left after paying taxes) into three buckets:
• 50% goes to needs, including minimum debt payments
• 30% goes to wants
• 20% goes to savings and debt payments beyond the minimum
Keep in mind that these percentages are just a guideline, and can be tweaked to fit your situation. The key to becoming debt-free is to make a budget that’s strict but still doable.
Jacob Wackerhausen/istockphoto
Yes, this is easier said than done. But before rolling your eyes and moving on, consider the possibilities. Is it time for a pay raise? If a bump is overdue, it might be time to have a talk with the boss.
Consider any potential ways to make extra income from home. Do you always have nights or weekends off? Maybe a friend does catering, landscaping, house painting, or some other work and could use an extra hand from time to time.
If you have a marketable skill, like website design or creating social media content, you may be able to pick up freelance work. If you’re crafty, you might look into selling your wares online or at craft fairs and flea markets. If you love animals, you might want to offer dog walking or cat sitting services.
If you could earn an extra $500 per month, in 12 months, you’d be able to pay off an additional $6,000 of debt.
Even selling things you no longer need can bring in a nice lump sum of cash that you can use to knock down debt.
shironosov/istockphoto
If you get an unexpected windfall (such as a bonus at work, cash gift, tax refund, or inheritance), instead of living it up while the money lasts, consider using it to pay down some debt.
You might not think a few hundred dollars will make much of a dent, but every dollar you pay over the minimum can help reduce the interest you owe on a credit card or loan.
To get some idea of how paying even a little extra toward a bill can help, consider playing around with the numbers using a credit card interest calculator. It can be scary to see how much money you’ll pay in interest if you continue to pay only the monthly minimum, but it can also motivate you to divert as much extra money as you can toward getting that debt paid off once and for all.
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Seeing progress can be inspiring. Think about how good you feel when you lose a little weight from changing your diet or gain some muscle from working out. Even small wins can be motivating.
How does that apply to downsizing your debt?
Two of the commonly recommended approaches to debt repayment are the snowball and avalanche methods. These strategies focus on making extra payments towards one balance at a time instead of trying to put a little extra money toward all your balances at once.
kitzcorner / istockphoto
The snowball method directs any excess free cash you might have to the debt with the smallest outstanding balance. Here’s how it works:
- List all of your outstanding debts based on how much you owe, from the smallest balance to the largest. (Disregard interest rates.)
- Pay as much as possible toward the debt with the smallest balance, while making the minimum payment on all other debts.
- After you pay off the smallest debt, turn your attention to the next-lowest balance. Keep going until you are debt-free.
Moment Makers Group/istockphoto
The avalanche method focuses on paying off debts based on interest rate. It can take longer to get a win with this approach but, ultimately, it will save you more money than the snowball method. How it works:
- List your debts in order of interest rate, from highest to lowest. (Disregard balance amounts.)
- Pay as much as you can each month towards the debt with the highest interest rate, making the minimum payments on all other debts.
- Once you’ve paid off the highest-interest debt, focus on the debt with the next-highest rate, and so on, until you’re debt free.
Though the methods are different, both plans provide focus, and as each balance disappears, momentum grows.
A newer approach, the fireball method, may be a better fit for modern-day debt, which could include a large amount of low-interest student loan debt.
Ridofranz/istockphoto
The fireball method takes a hybrid approach to the traditional snowball and avalanche strategies. It’s called “fireball” because it can help blaze through bad debt faster by making it a priority. How it works:
- Categorize all debts as either “good” or “bad.” “Good” debt generally refers to things that can increase your net worth, such as student loans or mortgages. (Interest rates under 6% could be considered good debt.)
- List “bad” debts from smallest to largest based on each bill’s outstanding balance.
- Funnel any extra cash each month toward the smallest balance on the “bad” debt list, while making the minimum monthly payment on all other debts. Once that balance is paid in full, move on to the next-smallest balance on that list. Keep blazing until all “bad” debt is repaid.
- Pay off “good” debt on the normal schedule while investing for the future. Apply everything you were paying toward “bad” debt to investing in a financial goal.
The fireball approach can help you save money because it gets rid of your more expensive debt first, but it also provides motivation by giving you wins early in the process. These combined elements could provide an extra boost to your efforts.
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If your credit is strong, a debt consolidation loan could potentially help you repay your debts at a lower interest rate, saving you money over time. It also simplifies repayment by merging multiple payments into one. With this approach, you take out a personal loan and use it to pay off multiple high-interest debts. The key is to find a lender that is willing to give you a lower annual percentage rate (APR) than what you’re currently paying. Keep in mind that the shorter your loan term, the lower your APR may be.
Another way to consolidate credit card debt is to move it to a balance transfer credit card. This can be a smart move if you can qualify for a 0% intro credit card. This way, you can avoid paying interest for the first several months and all the money you pay towards the card goes to knocking down debt. Keep in mind, though, that you may have to pay a fee when utilizing a balance transfer credit card. And, once the 0% intro period is over, you’ll have to start paying interest on the remaining balance.
Ridofranz/istockphoto
If your debt has become too much to handle and you’re delinquent on payments, you may want to reach out to your creditors, explain your financial situation, and see if they may be able to work with you. They might be willing to set you up on a payment plan, reduce your monthly payments, or settle your debt for less than what’s owed.
If you go this route, be sure to take notes on your conversation with the customer service rep (including the name of the person you spoke with, when you called, and what they said) and get the proposed repayment or debt settlement plan in writing before you make any payments.
Also keep in mind that debt settlement can negatively impact your credit, so this option is generally considered a last resort.
Pheelings Media/istockphoto
When it comes to debt, the deeper the hole you’re in, the longer it may take to climb out. But having the right plan in place before can help stick to a budget and methodically reduce your debt in a way that keeps you motivated and saves you money.
Becoming entirely (or nearly) debt-free comes with a substantial payoff: The money you were once spending on debt repayment each month can now go towards savings — and an opportunity to earn, rather than pay, interest.
This article originally appeared on SoFi.com and was syndicated by MediaFeed.org
SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government 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, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
SoFi members with Qualifying Deposits can earn 4.60% 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 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 4.60% 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 10/24/2023. 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. ©2023 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.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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.
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.
fizkes/istockphoto
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Featured Image Credit: Ridofranz/ iStock.
