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Apache is functioning normally

June 28, 2024 by Brett Tams

Deciding between an online and a traditional bank? First, let it be known that no two people’s banking styles are exactly the same. For every person who loves popping into their local branch and chatting with their favorite teller, there’s someone else who avoids bank branches at all costs, preferring to seamlessly swipe their way through financial transactions on their mobile phone.

Traditional vs. online banks also have other important distinctions, including the dollars-and-cents bottom line. Their typical fees charged and interest rates paid differ as well.

So how can you decide which kind of financial institution best suits your needs? Read on to get the intel you need, including:

• The differences between traditional and online banking

• How online banking vs. traditional banking works

• The advantages of online banking

• How to open an online bank account

Differences Between Online and Traditional Banking

Online and traditional banking both typically offer reliable ways to manage your money, but they do differ considerably in several ways. First, a little lesson in what they are:

• Traditional banks are ones that have branches you can visit, have ATMs, and often have a website and app for conducting some business digitally. They tend to charge account fees and offer interest rates that may be lower than online banks.

• Online banks offer many (most, even) of the same services as traditional banks, but they don’t have a footprint in the physical world. You won’t be able to visit a branch or use their branded ATMs (though they may partner with an ATM network or refund your fees). The lack of branches usually allows them to charge lower or no fees and pay depositors a higher interest rate.

Now, here’s a closer look at some key points of differentiation:

Security

If you keep your money at a traditional bank and visit a branch, you likely feel reassured by the presence of security guards and perhaps a glimpse of a massive vault inside. You might wonder if online banking is as secure as a bricks-and-mortar bank. If you use a strong password and avoid conducting online banking with a public WiFi connection or on a public computer, you are following good advice for keeping your account safe. While there are no 100% guarantees, your money should be well protected.

What’s more, both online and traditional banks abide by the same federal regulations. This means that if your financial institution is insured by the Federal Deposit Insurance Corporation, you are covered in the event of a bank failure up to $250,000 per depositor, per account type. Want to be sure of that safety net? You can use the FDIC BankFind to make sure your online bank is FDIC-insured.

Bank Fees and Interest Rates

As briefly noted above, online banks typically save big on real estate and staffing costs and pass that along to their customers. Many charge no or low fees. Which may be a very big deal: According to the Consumer Financial Protection Bureau, Americans pay more than $15 billion a year on bank overdraft fees, which are usually $30 to $35 a pop.

Online banks also likely offer higher interest rates on saving accounts and may offer interest on checking, too. For instance, at press time, SoFi was offering 1.80% APY on savings, while Chase offered 0.01%. That’s quite a noticeable gap. So if you don’t use traditional banking services, you can probably save money and earn more interest with online banking.

24/7 Banking

A few years ago, online banks tended to have the advantage here, providing services around the clock. Traditional banks, which may only be open from 9 a.m. to 5 p.m. Monday through Friday, have been working hard to close the gap and offer services (from check deposits to money transfers) via their website or app at all hours.

Still, online banks may have the edge in terms of 24/7 support, since they have offered this kind of service from the get-go. Making mobile deposits or switching up your password at 2 a.m. is no problem for them, and if you hit a speed-bump, you can likely chat or phone your way to help.

ATMs

If you’re an account holder at a large traditional bank, you’ll probably have a good number of conveniently located ATMs that you can access without a fee. However, those who bank at a smaller, local or regional institution may have fewer options. They may have to make a special trip to get to their bank’s ATM or otherwise pay an out-of-network fee.

How about online banking and ATMs? Digital banks don’t have branches, so how can they have cash machines, you might wonder. The answer is: They don’t. Instead, they usually have work-arounds in this situation. Most online banks partner with a large cash-machine network that you can use for free for withdrawals or for depositing cash at an ATM. Or they may have an arrangement that refunds you for any bank fees you incur using an ATM. Online banks tend to work hard to level the playing field on this front.

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How Online Banking Works

If you’ve been used to traditional banking, online banking may seem like a brave new world, and a somewhat intimidating one at that. In truth, however, online banking closely mirrors what happens at a bricks-and-mortar bank, minus the bricks-and-mortar and those free lollipops.

For example, you can open checking and savings accounts, get a debit card, sign up for automatic bill pay, transfer funds, and more. The one challenge can be withdrawing or depositing cash; there’s no teller service, but you may be able to manage cash at a linked ATM (as mentioned above). You may find that the pros of mobile banking and online transactions make up for this inconvenience.

If you typically go into a branch for certain services, such as wire transfers, you’ll likely find you can do them online with a digital bank. And the fact that you can do them on a website or app means the bank isn’t paying the overhead of having a bricks-and-mortar location. So you are probably earning more interest and avoid account management fees than if you kept your money at a traditional bank.

Recommended: How Many Bank Accounts Should I Have?

Advantages of Online Banking Over Traditional Banking

Here’s a side-by-side comparison of how online vs. traditional banking compares.

Feature	Online Banking	Traditional Banking
Interest rates	Typically have considerably higher interest rates since they can pass along their savings on overhead to the customer	Tend to have lower APYs (annual percentage yields) as they need to cover the costs of their branches and staffing
Bank fees	Usually offer no fees or lower fees than traditional banks	Often assess monthly account fees, minimum balance fees, overdraft charges, and more
ATMs	Probably lack branded ATMs but likely partner with a network for fee-free transactions	Typically have a network of their own ATMs, which may or may not be conveniently located
Customer Service	Usually offered 24/7 via chat or phone	Usually offered in person during business hours and by chat or phone 24/7
Security	High-level online security and fraud protection	High-level online security and fraud protection at large chains

How to Know if Online Banking Is Right for You

Whether you choose to bank online or with a traditional financial institution is a very personal decision. Here are a few of the most important signs that online banks will be a good fit:

• You prioritize high interest rates and low fees to help your money grow faster.

• You are comfortable accessing a partner network of ATMs vs. a bank’s own branded machines.

• You are satisfied with seeking customer service via chat or phone.

• You are confident managing your money without having a personal banker at your local branch.

• You are digitally savvy enough to conduct transactions online; you also know not to use public WiFi or computers for banking business or else you’ll risk bank account fraud.

Opening an Online Bank Account

With online banking, you don’t have to wait until Monday morning to open a new account. You can just log on from your couch on a Sunday afternoon to start a new account and otherwise manage your money.

Technology is allowing financial companies to change the entire banking experience and improve it for customers. One of these new ways is by opening an online bank account with SoFi. With our Checking and Savings, you’ll earn an amazing APY and pay no account fees.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.60% APY on SoFi Checking and Savings.

FAQ

How does online banking work?

Online banking allows you to manage your money without going into a bricks-and-mortar branch. Using the bank’s website and/or app, you can spend, save, transfer funds, and conduct other business.

What are the advantages of online banking over traditional banking?

Online banking can offer several advantages: Some people prefer using a website or app vs. going into a bank branch as often happens with traditional banking. What’s more, online banking usually offers lower fees (or none whatsoever) and higher interest rates than bricks-and-mortar banks.

What is a disadvantage of online banking?

Online banking doesn’t offer the opportunity to build a personal relationship with your banking team. Also, depositing cash can be a challenge.

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.

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 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.

As an alternative to direct deposit, 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.

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.

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

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Source: sofi.com

Apache is functioning normally

June 27, 2024 by Brett Tams

Owning Businesses

June 26, 2024
by Mark Ferguson

I have 2 laundromats; a very small one in a small town and a medium-sized one in a city of about 100,000 people. I love the laundromats and they are a ton of fun but they come with challenges as well. My medium-sized laundromat makes money but the small one still struggles after a year of improving it.

I think the small laundromat has potential but the larger the laundromat, the more chances for success you will have. I am a real estate investor and broker by trade and I have learned a ton about small businesses the last few years. I also own a liquor store and a small grocery store in a small town. Laundromats are very different from anything else I have ever done. Here is what I have learned.

What are the biggest challenges of owning a laundromat?

Before I bought my first laundromat, I thought they were a pretty straightforward business. You buy some washers and dryers, people come and use them, and you collect the money. There is much more to the business than buying some machines and hoping people come to use them. Here are some of the biggest lessons I learned:

Washers and dryers in laundromats are very expensive. If you want the big machines that people come to laundromats for, expect to pay close to $10,000 for one machine! The smaller the machines, the less expensive but people won’t use those nearly as much. The good news is you can charge much more for the big machines since they can hold 4, 5, 6, or even more loads of laundry.
It is very hard to find people who can fix commercial washers and dryers. Appliance repair is a lost art and many of the companies that still do it, limit themselves to warranty work for specific companies. There are also a lot of people who claim they can fix these machines and have no idea what they are doing. Ask me how I know that one! The closet repair people to me are over an hour away. If you own a laundromat you must be able to do some of the simple repairs yourself or have someone on your team who can do them or you will go bankrupt because machines break all the time.
Laundromats get dirty as soon as you clean them. I have hired cleaners and cleaned myself and it doesn’t matter how often you clean, the next time someone comes in to do laundry it will be dirty again. People do not like a dirty laundromat. One tip is to get a floor that is as close to dirt color as possible!
Laundromats are not passive. They take constant monitoring and visits. It is fun collecting quarters but you will also get calls or texts about machines not working or taking money or people acting funny. If you want to keep people coming, you have to respond to the complaints and do your best to remedy them. You will be giving out a lot of small refunds.
Laundromats attract crime. My laundromats are not attended and while I have cameras there are still shenanigans going on all the time. Make sure you are not letting people sleep in them, abuse the bathrooms if you have them, or camp out outside.

These points may turn off a lot of people but I still love my laundromats. It is so much fun collecting quarters, watching sales, and trying to improve the business. Below is one of the videos of me collecting quarters.

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Do laundromats make money?

The laundromat in the video above has been open for about 7 months and brings in around $7,000 a month with $4,500 in expenses a month. This does not count my own time collecting quarters and managing things. I was very lucky that I did not have to buy this laundromat. I took over the lease with most of the equipment still there. I had to add some equipment that I bought used from another laundromat and fix some of the machines already there. I probably spent $40,000 on machines, a little remodeling, and repairs. I lease this space but I purchased the real estate for my small laundromat. It does not make nearly as much ($1,200 to $2,000 a month) but that real estate came with an apartment, shop, and car wash as well.

Laundromats can make money and large laundromats can do very well but it is tough to make it with smaller spaces just because you are so limited in the equipment you can use and the amount of customers who can use the mat at once.

What kind of machines do you need?

The biggest obstacle with my small laundromat is I have small washers and dryers. The small dryers are not a big deal but the washers are. Many people use laundromats because they have tons of laundry or large items they want to wash. A lot of people who have washers and dryers still use laundromats. You may even have people using your laundromat who have wash-and-fold businesses where they pick up someone’s laundry and do it for them. A successful laundromat almost always has large washers.

With large washers come more expensive machines, more power (3 phase in many cases), more water (upgraded water heaters), and more support (concrete floors). My small laundromat has wood floors and 2 phase power which makes it very tough to add large machines. If you are choosing a place for a new laundromat or taking over an existing one make sure you have the mechanicals needed for big machines. Most of my washers and dryers are Speed Queens but there are many good brands out there.

Below is a video of the small laundromat:

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Should you have an attended or unattended laundromat?

Most large laundromats are attended and offer wash and fold services to pay for those attendants. Mine do not have this service but I may offer it at some point. I am still able to make money without the wash and fold but it would most likely make me more if I decide to go that route. A wash and fold service does laundry for customers. Some laundromats even pick up and deliver loads. One nice thing about having wash and fold and attended laundromats is there is usually someone there who can help customers and clean up if things get messy.

If you have full-time staff at the laundromat that is a large expense and you will need to do quite a bit of wash and fold to pay for it. If you have a smaller laundromat you want to make sure you are not taking up machines with your wash and fold business that regular customers want to use. Of course, the biggest challenge is to find the right employees you can trust and who will work hard. I have that challenge in my real estate businesses as well.

Bonus income from laundromats

While my laundromats do okay I get a lot of bonus income from them. People love to watch quarters being collected. I have a pretty large social media following and a decent-sized YouTube channel (110K) and those all make me money. On bad months I make at least $1k from my videos and on good months close to $5k. If you like social media and making videos, the laundromats are perfect for content creators.

Conclusion

It would be impossible to give you all the ins and outs of the laundromat business in one article, well maybe if the article was 50 pages long… but I hope this helps give you an idea of what the laundromat business is like. My YouTube channel has weekly videos on both mats going over the pros and cons. I also am happy to answer questions here but I do check my YouTube comments more often.

Source: investfourmore.com

Apache is functioning normally

June 26, 2024 by Brett Tams

You can typically remove yourself from a joint bank account, but financial institutions’ policies on this may vary. It’s wise to check with your bank about how to separate yourself from a shared account.

Joint bank accounts can work well for many banking customers. Spouses may find it easier to budget together with a joint bank account, and parents may open a bank account with a child to help them learn how to manage their money. But what happens when you no longer want to be on the joint bank account?

Read on to learn more about your options.

What Is a Joint Bank Account?

A joint bank account is a checking or savings account that is shared between two or more people. Each person has full access to the money, meaning they can withdraw, deposit, and spend funds without having to get the other account holder’s approval.

The account holders are equally liable for the checking or savings account, including any debts and fees it incurs. For instance, if the account goes into overdraft, the joint account will incur fees, even if only one party was responsible.

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

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Reasons to Remove Yourself From a Joint Bank Account

As time passes, joint account holders may no longer need or want to share an account. Here are a few reasons why someone would want to remove themselves from a joint account.

Separation or Divorce

When breaking up with a partner or divorcing a spouse, you’ll likely want total control of your own money.

That means you’ll need to close any joint bank accounts (and joint credit cards) and start anew — or simply remove yourself from the account and start your own while your ex maintains the existing account, if allowed by the bank.

End of Business Partnership

If you and a business partner are closing your enterprise and going your separate ways, you will want to shut down your business checking account and/or business savings account. If you’re stepping down from the business but the partner is going to continue running it, it might be possible to remove your name from the account rather than close it completely.

Child Getting Their Own Account

Some parents may choose to be a joint account holder on their child’s first bank account. This can help parents teach a child about money management and monitor financial decisions closely. When children go to college, this can be an easy way to ensure they have enough money for food, rent, books, and other expenses.

But at a certain point, it makes sense for a parent to remove themself from the child’s checking account.

Reduction of Financial Ties

There are other specific scenarios where joint account holders may want to sever their financial ties. For instance, if the other account holder (non-spouse) is being sued, you may want to remove them from the account to protect the assets. Removing someone else from a joint account, however, typically requires that individual’s consent and may depend on bank policy or state law.

Steps to Remove Yourself From a Joint Bank Account

In terms of how to remove yourself from a joint bank account, some banks will allow one party to exit, often with the other person’s consent. Other banks, however, may require the account to be closed in full, rather than remove a single account holder.

Assuming your bank allows you to remove yourself from the joint account and you have alerted the other account holder(s), here are the steps you’ll typically need to follow:

Request Account Closure or Complete Paperwork

The first step to removing yourself from a joint bank account is reading your bank’s policy or reaching out to a customer service representative to understand the process. In some cases, the bank may simply require you to close the account entirely. State laws and individual bank policies typically require all joint bank account holders to approve the closure before you can move forward.

In the event that the bank will let you remove your name from a joint account, follow the bank’s guidelines, which may require one or both individuals to visit a local branch or fill out a form online.

Pay Fees

Before a joint account can be closed, a bank will require you to pay any outstanding fees. But in the case of simply removing yourself from a joint account but keeping it open in the other account holder’s name, you should work out if you’re responsible for paying off any account debts before taking yourself off the account.

Withdraw Remaining Funds

You and the joint account holder should review the current balance and determine how much, if any, of the funds you should withdraw for yourself. This will need to be addressed whether you are closing the account or removing your name from the joint bank account.

You won’t have access to withdraw money once your name is taken off, so make sure you know how to withdraw money from any checking account and savings account you share before moving forward.

Required Documentation

Your bank will spell out specific documentation required when removing yourself from a joint bank account. Typically, you will need to provide:

• Proof of identification

• Proof of account ownership, like a bank statement and debit card

• Written approval from the other joint account holder(s), as noted above

Recommended: Should Married Couples Have Joint Bank Accounts?

Issues to Be Aware Of

When removing yourself from a joint bank account (or closing the account entirely, if the bank doesn’t allow a single account holder to remove themselves), there are a few things you’ll want to consider.

Outstanding Checks and Automatic Payments

If you’ve written any checks or have any transactions that are currently processing, you’ll want to make sure those go through before you withdraw your portion of the funds from the account. Similarly, if you have automatic bill payments set up, you’ll need to switch these to your new bank account before removing yourself.

Otherwise, the remaining joint account holder will inadvertently pay your next set of bills. Or, if the joint account needs to be closed, you could wind up with a slew of returned (unpaid) payments.

Direct Deposits

Similarly, if you have direct deposit set up with your employer or a government entity (such as for Social Security benefits or tax refunds), make sure you redirect those to your new bank account. This ensures you don’t miss any money sent to you.

Remaining Account Holder Approval

Before taking yourself off a joint bank account, you’ll need to let the other account holder know. Banks that allow one account holder to take their name off the account may require you to submit written approval from the other account holder or might even require that all parties visit a local branch in person.

Potential Bank Fees

Your bank may charge a fee to remove your name from a joint bank account. When speaking with a bank representative about the process, ask about these fees so you know what to expect.

Alternative to Removal

If a bank does not allow you to remove your name from a joint bank account for some reason, the main alternative is to close the account altogether. You’ll need the consent of all account holders to close the account.

You can follow the steps for how to close a joint bank account if this is the route you need to take.

The Takeaway

Opening a joint bank account can add flexibility for people with shared financial goals and responsibilities. However, there may come a time when you no longer want to be on a joint bank account. While some banks may permit you to remove one of the account holders, others may require that you close the account entirely, with each joint member then opening their own new account, if they like.

Looking for a new bank account, whether solo or joint?

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 4.60% APY on SoFi Checking and Savings.

FAQ

Can one person remove themselves from a joint bank account?

Some banks may allow one person to remove themself from a joint bank account, but there are typically clear guidelines for how to go about this. That may include written permission from the other account holder. In some scenarios, banks and credit unions may require that the account be closed and each person start fresh on their own.

Do I have to notify the other person on the account?

If you plan to remove yourself from a joint bank account, you need to let the other person know. In fact, banks that allow you to remove your name from a joint account without closing it may require written permission from the other account holder.

What if other owners don’t approve the removal?

If you would like to be removed from a joint bank account but the other account holder won’t approve, work with your financial institution to determine the next steps, as they may vary from bank to bank and state to state. Sharing money can be hard enough, but when account holders aren’t seeing eye to eye, things can get tricky.

Photo credit: iStock/zamrznutitonovi

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.

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 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.

As an alternative to direct deposit, 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.

*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.

SOBK-Q224-1890780-V1

Source: sofi.com

Apache is functioning normally

June 26, 2024 by Brett Tams

Thinking about trying out Ipsos iSay? Learn what I think in my Ipsos iSay Review. If you want to earn extra cash from home on your own schedule, you may want to try out Ipsos iSay. Ipsos iSay is a survey company where you can earn points that can be turned into rewards. The surveys…

Thinking about trying out Ipsos iSay? Learn what I think in my Ipsos iSay Review.

If you want to earn extra cash from home on your own schedule, you may want to try out Ipsos iSay.

Ipsos iSay is a survey company where you can earn points that can be turned into rewards. The surveys usually ask about your shopping habits and preferences. For example, they may want to know why you buy certain things.

Using Ipsos iSay is easy. Just sign up and you’ll get survey invitations. Completing these surveys can help you earn extra pocket money.

I have been taking surveys for years, and I think it’s an easy way to make extra money in your spare time at home.

Please click here to sign up for Ipsos iSay and get a free 250 points for joining.

Ipsos iSay Review

Below is my Ipsos iSay Review.

What is Ipsos iSay?

Ipsos iSay is an online survey platform that lets you share your opinions on many different topics. You can also earn points through their referral program for each successful referral to Ipsos iSay.

This is one of the most popular and best survey sites, with millions of users.

Ipsos iSay gives you points for completing surveys. The number of points you earn depends on how long and hard the survey is. For example, a 150-point survey might take 30 minutes to finish. Usually, 500 points equal $5 in rewards.

The points you earn from taking surveys can be redeemed for free gift cards to places like Amazon, Starbucks, Subway, Target, Walmart, Apple, and Visa, as well as PayPal cash.

Recommended reading: 20 Best Paid Survey Sites To Make $100+ Per Month

How Ipsos iSay works

Ipsos iSay is a survey platform where you can earn rewards by sharing your opinions.

To get started, you need to sign up on the Ipsos iSay website, and the signup process is easy and free. You will create a username and password, as well as give basic details like your name, date of birth, gender, email, and country, and this information helps decide which surveys you can take.

After making your profile, there might be more questions to better match you with surveys. Answering these carefully can help you get more surveys that fit you.

Once your profile is ready, you’ll get survey invitations by email. These emails will tell you about the survey, like how long it takes and how many points you can earn. It’s important to respond quickly because surveys can fill up fast.

Some users might get more survey invitations based on their profile and how active they are. So, you will want to make sure to check your email regularly for new surveys, as answering surveys regularly can help you earn more and might also get you more invites.

The surveys are usually easy and quick. They might ask about your buying habits or what you think of a new product.

Sometimes, you might not qualify for every survey. When this happens, don’t get discouraged. There are always new surveys coming.

Why does Ipsos iSay pay you?

Ipsos iSay pays you to take surveys and give your opinions because companies need to know what people think about their products, ads, and services.

These companies hire Ipsos to gather this information. When you share your thoughts, you help them make better products.

Your feedback is really valuable to these companies because they want to know what you like and don’t like. This helps them improve what they sell in the market, as well as how they sell it.

What kind of questions are asked in surveys?

When you take surveys on Ipsos iSay, the questions help companies understand what people like you think.

You might be asked about products you use every day. They could ask what brand of toothpaste you buy or how often you drink soda.

Sometimes, you’ll get questions about ads you see. They might show you a commercial and ask if you liked it or if you remember what it was about.

Other times, questions will focus on your hobbies and interests. They might ask what you do for fun or what sports you watch on TV.

Surveys can also include questions about shopping habits. For example, they might ask about your last trip to the grocery store or how often you shop online.

Lastly, you might be asked about opinions on different topics. They could ask how you feel about a new movie or what you think about a recent news story.

Here’s a quick list of common survey topics:

Products you use
Ads you’ve seen
Your hobbies and interests
Shopping habits
General opinions

Each survey is different, so you won’t get bored answering the same questions all the time!

Here is a screenshot of some of the Ipsos iSay rewards.

How to cash out with Ipsos iSay

Cashing out with Ipsos iSay is simple.

Simply go to the Rewards tab when you are logged into your Ipsos iSay account. On this page, you will be able to see the rewards that are available to you as well as the amount of points that you need in order to get that reward.

Gift cards and prepaid cards are sent to you instantly once you redeem your points. If you redeem your points for PayPal cash (you will need to already have a PayPal account for this to work), then this takes around 3 to 4 weeks.

Here are some examples of what your points are worth on Ipsos iSay:

1000 points for a $10 Amazon gift card
500 points for a $5 Subway gift card
1000 points for a $10 Starbucks gift card
2500 points for a $25 Target gift card

You can also get gift cards to places like Walmart, Apple, Burger King, Dunkin’ Donuts, and Domino’s. Other options include prepaid virtual Visa cards, PayPal cash, and even charity donations to the Ipsos Foundation.

Ipsos iSay user reviews and ratings

I researched around the internet to see real Ipsos iSay reviews. Here’s what I found:

Ipsos iSay has great reviews on TrustPilot, with over 50,000 reviews and an average rating of 4.2 out of 5 stars. Many reviewers say that they received survey invitations regularly and that it is easy to use.

Ipsos iSay also has great reviews on Google Play (there is an Ipsos iSay app as well!), with over 50,200 reviews and an average rating of 4.5 out of 5 stars. There have also been over 1,000,000 downloads of Ipsos iSay just on Google Play.

Ipsos iSay reviews on the App Store were also good, with 3,300 ratings and an average of 4.7 out of 5 stars.

Alternatives to Ipsos iSay

There are many more sites similar to Ipsos iSay that you can sign up for as well. These include:

Prime Opinion
American Consumer Opinion
Survey Junkie
InboxDollars
Pinecone Research
PrizeRebel
User Interviews – This one pays the most, with many paying over $100 an hour.

If you are looking to learn more about each online survey website, I have in-depth reviews on several of them. You can find them below:

Frequently Asked Questions

Below are answers to common questions about Ipsos iSay.

Is Ipsos iSay legit?

Yes, Ipsos iSay is legit. It’s operated by Ipsos, a global market research company that has been around since 1975. The site also has positive ratings on Trustpilot, Apple App Store, and Google Play. Ipsos iSay pays real rewards for the surveys that you answer.

How much does Ipsos iSay pay?

Earnings on Ipsos iSay can vary. Some surveys pay more than others, but most surveys reward you with points. These points can later be redeemed for gift cards, cash, or other rewards. Answering surveys on Ipsos iSay will not make you rich, nor will it be a full-time job. It will simply allow you to earn some side hustle income. I would expect to earn less than $50 a month answering surveys on Ipsos iSay.

Is Ipsos iSay safe? Is Ipsos iSay a scam?

Yes, Ipsos iSay is safe to use. I have been answering surveys for years, and I have never had an issue.

How long does it take for Ipsos iSay to pay out?

The time it takes to get paid from Ipsos iSay can depend on the reward you choose. Gift card rewards are usually faster, typically paid instantly or within a few days. Cash payouts through PayPal may take longer, sometimes up to a few weeks.

What are some tips to get more surveys from Ipsos?

To get more surveys from Ipsos iSay, I recommend making sure your profile is complete and up-to-date. This helps Ipsos iSay match you with more surveys. Also, try to log in regularly to check for new survey opportunities.

Is Ipsos iSay free?

Yes, joining Ipsos iSay and participating in surveys is free. You don’t have to pay anything to become a member or to take surveys.

Ipsos iSay Review – Summary

I hope you enjoyed my Ipsos iSay Review.

Ipsos iSay rewards you for sharing your opinions through surveys. Their surveys are easy to answer, and they typically focus on your shopping habits and preferences. The number of surveys you receive can vary, and availability of surveys depends on your profile and what the target market is that Ipsos iSay is looking for.

The Ipsos iSay points you earn can be exchanged for things like Amazon gift cards and PayPal funds.

I have been answering surveys for years, and it is an easy way to make side income from the comfort of your home without any stress. The questions are always easy to answer and you can even answer them while watching TV or making dinner.

Please click here to sign up for Ipsos iSay and get a free 250 bonus points for joining.

What is your favorite survey site?

Recommended reading:

Source: makingsenseofcents.com

Apache is functioning normally

June 26, 2024 by Brett Tams

They may seem old-fashioned compared to digital payment methods, but checks are still very much a part of many people’s financial lives. In fact, there are a whopping 14.5 billion checks circulating every year in the U.S.

If you receive checks, you have options in terms of how to deposit them, including in person at a bank, at an ATM, or via a mobile app. Here’s what you need to know about the different methods for depositing a check and the easiest way to get the job done.

How To Deposit a Check in 5 Steps

Typically, depositing a check involves these five simple steps (unless of course you automate the process with direct deposit). Follow these guidelines to successfully get a check into your bank account where you can then use it.

1. Select Your Preferred Method

Your financial institution may have different ways you can deposit a check, including in person, at an ATM, or through their mobile app. The method you choose will affect the specifics of what you need to do to deposit your check. If you choose to go in person, double check the bank’s open hours. For mobile apps, you will need to download the app. Most ATMs will let you deposit a check as long as the machine is in your bank’s network.

2. Gather What You Need

Aside from your paper check, the exact type of documentation you’ll need will depend on how you go about depositing a check:

• In person: This procedure can vary depending on your financial institution. At some banks, you may be able to use your debit card at a teller’s window to deposit a check, no deposit slip required.

In other cases, you may need to get and fill out a deposit slip. This piece of paper outlines how much you want to deposit and to which account. Information you will need to fill out includes your name, account number, and deposit amount. In many cases, banks may also need to see a government-issued photo ID when you make the deposit.

• Mobile app: You will need to log into your bank’s mobile app on your device. Be prepared to take a photo of the front and back of the check. Typically taking a photo against a dark background helps the app take a clearer photo.

• ATM: When heading to the ATM, you’ll need your debit card. Check to see if the ATM accepts check deposits for your financial institution. Also, a few ATMs still require that checks be put into envelopes (provided at the machine) for deposit.

3. Endorse Your Check

Endorsing your check means to sign your name on the back of it in the appropriate place (it typically says “Endorse here” or provides a line to sign on). You can write “for deposit only” on the back when making a deposit so that the money can only go to your account.

Some checks also have a box you can tick if you’re making a mobile deposit. Or your bank may request that mobile deposit checks are endorsed with your name and a phrase like, “for electronic deposit at [bank]” or “for mobile deposit at [bank].”

4. Confirm Deposit Amount

If you deposit a check in person, you may need to indicate the amount on the deposit slip. If you’re using your bank’s mobile app, you may have to enter in the payment amount of your check. Same goes if you deposit it at an ATM.

Before confirming your deposit, make sure you have indicated the correct information. Being even one digit off from your account number, for example, could result in delays to access the funds you’ve deposited.

5. Wait for Confirmation

Once you’ve successfully deposited a check in person, the bank teller may give you a confirmation slip reflecting the transaction or you can request one. You can also check your bank’s website or app to see the pending deposit.

With mobile deposits, you may receive a pop-up confirmation message or an email acknowledging receipt of the check. Some banks may show the pending transaction in the app right away.

At an ATM, you usually receive a receipt of the transaction. Hang onto this piece of paper until you confirm that the deposit has indeed been posted to your account.

In terms of how long it will take for the check to deposit and be cleared, that will vary depending on such factors as how you deposited it, the amount, and the bank it’s drawn on. It could take between one and several days.

Get up to $300 when you bank with SoFi.

Open a SoFi Checking and Savings Account with direct deposit and get up to a $300 cash bonus. Plus, get up to 4.60% APY on your cash!

💡 Quick Tip: Don’t think too hard about your money. Automate your budgeting, saving, and spending with SoFi’s seamless and secure mobile banking app.

Ways of Depositing a Check

When it comes to depositing a check, the method you choose will depend on what your bank offers and what feels most convenient for you.

In Person

Though not always convenient, you can take your check to your local bank and deposit it into your account. (Worth noting: Some banks may allow you to cash checks without an account there, but you may have to pay a fee.)

Mobile App

Many banks and credit unions offer mobile apps for their customers. A popular feature is mobile check deposit, which allows you to snap a photo of the check with your device and deposit it remotely…no trip to a bank or ATM required.

ATM

Traditional and some online-only banks offer the convenience of depositing a check at an ATM, whether to your checking or savings account. Read your account’s fine print or contact customer service to see if this needs to be at an ATM in your bank’s network.

💡 Quick Tip: Want a new checking account that offers more access to your money? With 55,000+ ATMs in the Allpoint network, you can get cash when and where you choose.

Keeping Safety in Mind When Depositing Checks

No matter which method you choose, it’s important to be safe when depositing checks. Keep these safety tips in mind:

• One key step is to make sure a check is valid and comes from a legitimate source. If you’re not expecting a payment and receive a check in the mail, you’re not wrong to be suspicious. It could be part of a scam. The same holds true for checks you were expecting but that arrive for a higher amount of money than you anticipated.

• If you want to verify a check, or see if it’s legitimate, hold the check up to the light to see if there are any watermarks (which are a good thing) or if there’s any evidence that it’s been tampered with (a bad thing). In addition, get a feel for the paper the check is printed on; if it feels thin, like the paper you put in a printer, it may be fraudulent.

• Checks also have a safety feature called an MICR (magnetic ink character recognition) line. Located at the bottom of the check, this usually shows details like the issuing bank’s routing number. The ink should look flat and dull. If it looks shiny when you hold it under the light, it may be a fake check.

Think you have a fake check in hand? Talk to your bank about how to proceed, and you may want to report it to the Federal Trade Commission (FTC) or the Better Business Bureau (BBB), which has a Scam Tracker department.

One last suggestion: You might also keep in mind that mobile deposit and even direct deposit (bypassing checks altogether) are often good options in terms of safety. These techniques can be preferable to looking for a bank branch or ATM that can accept your check, especially at night or in bad weather.

Recommended: Cashier’s Check vs Certified Check

The Takeaway

Depositing a check typically involves five simple steps: Select a deposit method, gather materials, endorse the check, confirm its amount, and be sure that it’s hit your account.

While checks are a common, time-honored way to receive funds, you have plenty of options today to send and receive money. Check out what different banks offer (and how much services cost) to make sure you have the right banking partner for you.

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 4.60% APY on SoFi Checking and Savings.

FAQ

How do you deposit a check into your account?

You can deposit a check in your account either in person, through your bank’s mobile app, or at an ATM. Once you decide on a method, you gather what you need, endorse the check, confirm its amount, and receive acknowledgement that it’s in your account.

How do you deposit a check at an ATM?

You can deposit a check at an ATM by going to a machine that will accept your deposit — your bank may stipulate which ones are acceptable. Insert your debit card and enter the correct PIN number, then follow the prompts to deposit your check.

How do you deposit a check without going to the bank?

You can deposit a check without going to the bank by doing it through your bank’s mobile app or at an ATM.

Photo credit: iStock/AndreyPopov