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If you’re asked to void a check, your response might be “Huh?” Checks are being used less often these days, what with the advent of online banking and shopping. Back in the olden days of pre-internet life, people widely used checks for everything from buying groceries to paying utility bills. But now, an increasing number of people are conducting transactions by card, autopay, or P2P platforms.

Although checks are becoming less common, there are still times when you may need a voided one. But how do you void a check?

Voiding a check is simple. All it takes is to write “VOID” on the face of a blank one with a permanent pen. However, there are some subtleties to the process that it’s wise to understand. Here, you will learn:

•   How to void a check

•   Reasons for voiding a check

•   How voided vs. canceled checks compare

•   What to do if you don’t have checks.

How Do You Manually Void a Check?

To manually void a check, all you need is a blank check and a pen. Sure, your personal checkbook may seem like an ancient relic from a bygone era, but there are circumstances when life may request that you open it to void a check.

If you’ve never done it before, here’s how to write a void check:

•   Take a blank check from your checkbook.

•   Grab a blue or black pen or marker.

•   Write “VOID” across the face of the check. Do not cover the account numbers at the bottom.

•   Note the check number, recipient, and date in your checkbook so you don’t get confused by a skipped check when you go to balance your funds.

•   You could also write “VOID” in the payee line, amount line, amount box, or the signature line. That’s all there is to writing a void check; you’re done.

Reasons for Voiding a Check

There are several reasons why you might need to make a void check. Blank checks in the wrong hands can be financially dangerous. Writing “VOID” across your check renders it useless. A thief will not be able to use it to take money out of your account.

But there are practical uses for voiding a check that go beyond protecting your money, including setting up direct payments or deposits, and automatic bill payments. Here’s a closer look at how voided checks work.

Setting Up Direct Payments

If you or your business needs the ability to pay your vendors electronically, providing a voided blank check may be part of the process in the steps to set that up. The voided check provides your bank’s routing and your account number, which are needed to get ACH funds flowing.

Direct Deposits

Direct deposits have become the preferred way for employees to quickly get their hard-earned dollars into their checking accounts. Your employer may ask for a voided check along with the paperwork in order to get you enrolled. Again, this voided check allows for the capture of your account details.

Recommended: How to Verify a Check

Regular/Automatic Bill Payments

You can set up monthly autopay payments with utility companies, student loan entities, landlords, and others by providing a voided check. The amount owed will automatically be withdrawn on a set date.

Any Mistakes Made When Writing a Check

If you accidentally write the wrong amount, or make an error in the recipient’s name, you’ll want to void the check and write a new one. Doing so will prevent a person or business from cashing the check.

Voided vs Canceled Check

You may wonder what the difference between a voided and a canceled check is. When you make a void check, you are canceling a physical check you have in your possession. After all, you can’t write “VOID” on a check you don’t have. If you’ve lost a check (especially a blank one) or have sent out a check in error, that’s a different situation. You can contact your bank about stopping payment on the check.

Worth noting, as it can complicate matters a bit: When banks and credit unions talk about canceled checks, however, they are likely referring to ones that have already been used to transfer funds. The work of these checks is done, so to speak, so they are considered canceled.

The differences between a voided check and a canceled check (in both senses) are:

•   You can void a check yourself. To cancel a check, however, a bank or credit union has already been involved.

•   Voiding is quick and free. If you seek to cancel a check by stopping payment, it will involve time (to speak to your bank), and there may be a fee charged to stop payment.

•   To void a check, all you need is a pen to write the word “VOID.” Typically, banks cancel checks after processing them. If you want to execute a stop payment so a bank doesn’t pay a check, you’ll need your check number, account number, the date you filled it out, and the exact amount of the check.

•   When you void a check, you can forget about anyone ever using it. When a check is canceled by a bank, it is no longer valid; it has been paid and no longer has value. However, if you issue a stop payment on a pending check, you may want to keep an eye on your account to make sure no funds were withdrawn as the stop was being initiated.

Recommended: How Travelers Checks Work

What if You Don’t Have Checks?

This discussion about voiding checks may not do you a lot of good if you don’t have any checks. Obviously, the first step to getting a checkbook is to open a new bank account. Many banks will give you pre-printed “starter checks” to use until your personalized ones arrive.

If you already have a checking account but no checks, you can contact your bank or credit union about ordering checks. They can usually be ordered online, via a mobile app, over the phone, or in person.

If you can’t provide a voided check, there are plenty of other ways to set up direct deposits, automatic bill payments, and perform other financial transactions.

Using Deposit Slips

A deposit slip is a check-sized form you can fill out whenever you need to deposit money into your checking or savings account. They are usually found at the back of your checkbook or at a bank.

Since a deposit slip in your checkbook will have your name and account information, you may be able to use the pre-printed slip to authorize auto-pay or direct deposits.

Electronic Images of Checks

In place of an original check, you could print out an image of your check if you have one, void it, and use that instead. When you sign up for checks online, some banking entities can provide an image of your check with your account information.

Submitting Bank Details Online

In this day and age, you usually don’t need a voided check to sign up for automated payments and direct deposits. Most companies offer the option to register for these services online by typing in your checking account and bank routing number.

Asking the Bank for Counter Checks

If you don’t have checks and need one, you can ask your bank for what’s known as a counter check. This is not unlike the temporary “starter checks” you receive when you first open a checking and savings account. You can get a counter check from a teller behind the counter at the bank (thus the name). The counter check will have the bank’s routing number, and either you or the teller will fill in your account information.

Getting Documentation from the Bank

If you can’t get a hold of a check to void, an electronic check image, or a pre-printed deposit slip, a last resort solution could be getting proof of your account from a bank. This should be a letter written on a bank’s letterhead, verifying your routing number, account number, and account type.

The Takeaway

In the world of financial transactions, checks may be used less and less these days. But they still have their time and place, and sometimes you need a voided check. It can help you sign up for speedy modern services like autopay and direct deposit. Knowing how to void a check is a good skill to have, and it’s part of becoming a savvy financial customer.

At SoFi, we are all about helping you bank smarter. Open our Checking and Savings with direct deposit, and you’ll receive free paper checks. Plus, your money will grow faster with our competitive APY and 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 do I void a blank check?

To void a blank check, take a blue or black pen or marker and write “VOID” across the face of the check. You could also write “VOID” in the payee line, amount line, amount box, or the signature line.

How do I void a check for direct deposit?

You void a check for direct deposit by writing “VOID” across the face of the check with a blue or black pen or marker. Or you could fill that in on the payee line, amount line, amount box, or the signature line.

How do I void a check I’ve already sent?

You can’t void a check you have already sent. You’ll have to cancel the check. To do this, first make sure the check hasn’t cleared yet. Then, make sure you have your account number, check number, dollar amount, and date you wrote on the check. Contact your bank or credit union to stop payment. This action may require a fee.

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Photo credit: iStock/AsiaVision

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 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.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Renting a car with a credit card is easier than renting a car without a credit card, but both methods are possible at many major car rental agencies. Car rental companies typically put customers through more hoops to rent a car without a credit card.

In this guide, we’ll cover how to rent a car without a credit card — but also explore the potential perks of paying for a rental car with a credit card, when possible.

Recommended: When Are Credit Card Payments Due

Is It Possible to Rent a Car Without a Credit Card?

So do you need a credit card to rent a car? Technically, no, you do not have to have a credit card to rent a car. It’s possible to rent a car with a debit card at some major rental agencies. Some agencies even accept prepaid gift cards, cash, or money orders as a form of payment at the end of the rental.

Each rental agency has its own stipulations about paying by debit card. Some franchises may not follow corporate policy, so it’s always a good idea to call the specific rental agency location to ask about payment options before arriving at your destination.

Common requirements for customers paying for a rental without a credit card include:

•  Security deposit: Many agencies will put a hold on your debit card for the cost of the rental, plus an additional amount. You will not be able to use the money being held for the duration of your trip, which can make funding your vacation more challenging.

•  Credit check: If you are paying with a debit card (or cash), some rental car agencies may perform a credit check. This could result in a hard inquiry on your credit report, which might temporarily lower your score.

•  Identification: Renting a car without a credit card might mean that the rental agency needs to see multiple valid forms of ID.

•  Age: While 25 is often the magic number to rent a car, it is possible to rent a car as a younger driver. Many agencies charge “young driver fees” to do so. However, if you are renting a car with a debit card, agencies may not allow drivers under the age of 25.

•  Proof of return travel: If renting from an airport with a debit card, many agencies want to see a ticketed return travel itinerary as an extra assurance that you will return with the car.

•  Logos: Some rental car agencies require debit or prepaid cards to carry the logo of a major credit card company, like Mastercard, Visa, or Discover.

The following rental car agencies allow you to rent a car without a credit card at participating franchises if you meet their specific requirements (though note this is not an exhaustive list):

•  Alamo

•  Avis

•  Budget

•  Dollar

•  Enterprise

•  Hertz

•  Thrifty

Recommended: Buying a Car with a Credit Card

Why Rental Car Agencies Typically Require a Credit Card to Rent a Car

Why do you need a credit card to rent a car at some agencies, and why do others impose a number of requirements for debit card payments? Here are the reasons rental car agencies require a credit card or other information.

Proof of Reliability

Having a credit card inherently demonstrates to a rental car agency that a creditor trusts you enough to borrow their money. Because rental car agencies can ascertain your creditworthiness from a credit card in your name, they don’t need to run a credit check before loaning you a $25,000 piece of machinery.

Recommended: Does Applying For a Credit Card Hurt Your Credit Score

Ability to Collect Repair Fees

If you return the car damaged, the rental car agency will need to pay for these repairs. Car insurance (whether through your own policy, credit card travel insurance, or the agency’s policy) may cover most of the charges, but you still might owe a deductible. Without proper insurance, there is a risk that the repair costs will exceed your security deposit.

Though you can rent a car without a credit card, if you pay with a debit card, the rental agency runs the risk of your checking account not having enough funds to cover the cost. There is a better chance the agency can charge your credit card without hitting your credit limit.

Recommended: What is the Average Credit Card Limit

Ability to Collect Tickets and Fees

Similarly, if you go through any electronic toll booths or receive a ticket without being pulled over (e.g., through a traffic camera), the rental car agency can charge your credit card to pay the outstanding balance. Again, they face less risk of maxing out a credit card than overdrawing a checking account, which is why some agencies prefer customers renting a car with a credit card.

Recommended: The Rental Car Rebound

Benefits of Using a Credit Card for a Car Rental

Here are just a few potential perks of swiping your credit card for a car rental:

•  It’s easier. As discussed above, renting a car without a credit card can complicate the process.

•  You might have insurance. Some travel credit cards offer car insurance when you use them to pay for a rental car. Research your card’s policy carefully to understand what coverage it provides and how to use it. For example, many credit cards with travel insurance require that you decline the rental agency’s insurance; some only offer secondary insurance, meaning you need to file claims through your own auto insurance first.

•  You might get discounts. Some credit cards offer special discounts at select car rental agencies. Check your card’s policy to understand where and how to get discounted rates.

•  You could earn rewards. As mentioned above, you might qualify for cash back rewards when you opt to cover your rental car with a credit card payment. Other cards may pay out rewards as miles or points. Travel credit cards might even offer extra points for travel-related expenses, like rental cars.

Recommended: Tips for Using a Credit Card Responsibly

Typical Rental Car Credit Card Interest Charges

When you rent a car, the agency typically puts a hold on your credit card for a set amount, often the value of the rental car agreement; this is commonly called a security deposit. During the rental period, these funds will count toward your credit limit.

When you return the car, the agency will charge you the amount of the rental, plus any fees incurred during the rental (damages, extra days, late drop-off, etc.). If the initial hold was more than the final cost of the rental, the agency will put that amount back on your card.

Because you pay interest on money borrowed with a credit card, it’s possible you might incur interest on the held security deposit. However, paying off a credit card in full every month is a smart strategy for avoiding interest charges given how credit cards work.

Recommended: 10 Credit Card Rules You Should Know

The Takeaway

Renting a car with a credit card makes the process much easier and can have benefits for the renter as well. However, it is possible to rent a car without a credit card. Just be prepared to take additional steps to get behind the wheel.

Whether you're looking to build credit, apply for a new credit card, or save money with the cards you have, it's important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.

FAQ

Do I need a credit card for rental car insurance?

You do not need a credit card to purchase rental car insurance. While using a credit card makes it easier to secure a rental, most agencies allow you to pay upon your return with a credit card, debit card, or even cash, a gift card, or a money order. That includes the cost of insurance provided by the rental agency.

However, many car insurance providers cover rental cars in their policies, especially in the United States. Check with your agent to see if you’re covered. Additionally, some credit cards offer rental car insurance when you use them to pay for the rental. Your credit card benefits administrator can explain how, if, and when coverage applies.

Is it easier to rent a car with a credit card or debit card?

Renting a car with a credit card is easier than renting a car with a debit card. Many agencies will let you rent with a debit card; they just have additional requirements for you to meet before renting.

What form of payments are accepted for renting a car?

While rental agencies generally prefer credit cards for payment, some agencies allow you to book and rent a car with a debit card. Upon return, you may be able to pay for the car with a gift card, cash, or money order.

Can I use someone else’s credit card to rent a car?

If you use someone else’s credit card to rent a car, that person must be present to pick up the rental and be the main driver. If you intend to drive the rental, you will likely have to pay a fee for an additional driver, as you can’t be listed as the primary driver when using someone else’s credit card.

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Photo credit: iStock/skynesher
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.

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Most of us wish it were easier to save money, whether we’re the sort of person who’s having trouble making ends meet or the kind who wants to save up for a big purchase. Here’s one simple solution: The 100 Envelope Challenge. It’s a creative and easy way to save money. If you commit to the challenge, you can save $5,000 in just three months.

Here’s a closer look at this clever way to stash some cash. We’ll review what daily money saving challenges are, such as the 100 Envelope Challenge and other variations on the theme, and how to put them to work for you. Whichever one you try, if you stick with it, you’ll have a major amount of moolah at the end of the exercise.

A Daily Money Saving Challenge

Daily money saving challenges help you save cash instead of spending it. The 100 Envelope Challenge is one of the latest trends in this kind of money hacking. It’s a great way to add more cash to an emergency fund or just help you manage your money with more focus and pumped-up results. This can be a fun daily activity that allows you to be more disciplined with your hard-earned cash. Instead of making impulse purchases, you’ll learn this smart saving habit that can get you excited about building up your money reserves for the future. Just one note: Most of these saving techniques involve cash (bills and coins), but there are some work-arounds if you are a person who mostly uses plastic.

What Is the 100 Envelope Challenge?

The 100 Envelope Money Challenge can be an easy way to save money and upgrade your budgeting skills. This challenge involves starting with 100 envelopes and labeling them from 1 to 100. Take the numbered envelopes and place them all in a large container or box.

Then, for the next 100 days, you randomly select an envelope from the container and put the amount of cash that’s labeled on the front inside the envelope. For example, if you pull out an envelope number 25, you place $25 in that envelope. Tuck that envelope somewhere safe, and repeat the process until you’ve reached the 100th day. That’s it: You’ve completed the challenge! And you now have $5,050 to deposit in savings, pay bills, spend, or invest.

How Can I Save $5,000 in 3 Months?

The 100 Envelope Challenge, as you’ve just read, is a gamified way to salt away more than $5,000 in three months. People who stick with the challenge daily for the 100 days will have $5,050. Obviously, the days where you pull a lower-number envelope are easier to manage than the day you grab an envelope that’s waiting to be stuffed with a whopping 90-some dollars. The tricky part is keeping up with the challenge, regardless of the amount required. It can be helpful to keep track of your progress by recording a running tally of how much is saved over the months. As you see the amount grow, it may help you stay motivated about saving money.

You may be concerned that this challenge requires an outlay of cash every single day for three months. What, you may wonder, will I do if I don’t have cash handy? Here’s some good news: This daily money saving challenge can be done digitally as well. In the digital method, you would still need 100 envelopes to pick from everyday. But instead of placing the money in physical envelopes, participants can open a new bank account that’s separate from their everyday savings account. Perhaps your financial institution will even allow you to name the account “100 Envelope Challenge.” Link this account to your checking so you can transfer funds into it. When you pick an envelope with its designated number, transfer that amount to your new savings account.

In this version, you will still have $5,050 at the end of the 100-day challenge, even if you never handle any paper money during the 100 days. You may well emerge at the end of the challenge with a renewed appreciation of the fact that saving money is important.

Recommended: How to Transfer Money between Banks

Other Money Saving Challenges

There are a variety of creative ways to save money and build up your savings. It’s important to find one that feels like fun and fits your lifestyle and financial situation. You’ll be more likely to use it when managing your money. Here are some options to consider.

52-Week Money Challenge

The 52-week money challenge is another effective way to save for those who want to start out small and slowly work their way to saving more. This challenge involves saving $1 the first week, $2 the second week, $3 the third week and so on. The sequence continues until you reach week 52 when you save $52 dollars. If you stay consistent, at the end of this challenge, you will have saved a total of $1,378 over the course of a full year.

It’s an impressive amount of savings considering you never had to put in more than $52 per week. It shows that a little can eventually go a long way. This challenge can be especially effective because the amount of money stowed away each week is minimal. You may find you can complete this challenge without making much of a shift in your daily or monthly budgeting.

8-Week Vacation Savings Plan

If you have your sights set on taking a vacation, but aren’t sure how you’ll afford it, the 8-week vacation savings plan could be a perfect solution. It will help you speedily save money for a trip ($1,000 to be exact).

To participate, you’ll need to open a bank account devoted to vacation savings. Then, you save $1,000 by following this schedule of how much to save:

Week 1: $10
Week 2: $25
Week 3: $75
Week 4: $150
Week 5: $150
Week 6: $75
Week 7: $25
Week 8: $10

There’s something about that bell curve or “up the mountain, down the mountain” pattern to saving that makes it feel manageable.

Then, to save the rest of the $1,000, make some smart swaps. You may know some basic budgeting moves, like cooking at home instead of dining out. If, over the eight weeks, you cut out one $50 restaurant meal per week that’s $400 more saved that can go into your account.

If you have coffee at your home or office instead of getting a fancy espresso drink to go twice a week, that will save $10 per week. Over eight weeks, that’s the additional $80 that brings you to the $1,000 total.

Another tip: If you can afford it, try to save from your salary. You might set up automatic deductions that whisk some money out of your paycheck and move it into savings before you can spend it. These tactics will help you have a nice pile of cash so you can go on your getaway.

365-Day Nickel Savings Challenge

The 365-Day Nickel Savings Challenge is another way to accumulate a bundle of cash, and it starts with saving just a nickel a day. On day two, you set aside two nickels. On day three, you set aside three nickels and so on. Each day, you increase your savings by one more nickel. This challenge goes on for a full year. On the last day of the challenge, you save $18.40 and your total savings for the 365 days will amount to $3,300. Similar to other money savings challenges, you start out small with this challenge. But in this case, you begin super-small (just loose change, actually) but you wind up gathering a significant amount when the challenge is complete.

Spare Change Challenge

The Spare Change Challenge allows you to save money using change you have around your home that you may have forgotten about. This can be as easy as taking loose change and adding it to a piggy bank. When it’s filled to the brim, take the jar and add the money to your savings account. Other people have variations on this theme. For example they might make a point of paying for purchases with paper money, and then always putting the coins they get as change into a savings account. You’d be surprised at how those coins can add up to thousands of dollars over time.

Expense Tracking Challenge

Tracking your purchases can be a financially healthy exercise to know exactly how much you are spending on purchases. You can see in which categories your spending clusters, too. Doing this will help you realize if you’re making financially wise money decisions or if you are spending money on impulsive, possibly unnecessary purchases.

The Expense Tracking Challenge involves writing down your purchases for an entire month and reviewing what you bought. For some, creating the list as a spreadsheet may be easier. This exercise can reveal what type of spender you are and help you adjust money habits to be a smarter saver.

The Takeaway

Saving money challenges like the 100 Envelope Challenge can be a motivating and successful way to sock away some cash. They typically have you start out by contributing a small amount of money such as just one dollar. These gamified savings techniques provide motivation for you to stash away cash and see your savings account steadily grow. Building your savings skills this way can help you save larger amounts in the future. Whether your goal is to afford a vacation or the down payment on a house, these challenges can help you start saving.

If seeing your cash grow and building long-term wealth are among your money goals, come see what SoFi offers. When you sign up for our Checking and Savings with direct deposit, you’ll earn a competitive APY. Plus, you won’t pay any of the usual account fees, and you’ll have access to a network of 55,000+ fee-free ATMs. With these benefits, your money works harder for you.

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 much do you get from the 100 Envelope Challenge?

At the end of the 100 Envelope Challenge, which lasts 100 days, you will have saved exactly $5,050.

What is the 52-Week Savings Challenge?

The 52-Week Savings Challenge involves saving $1 the first week and increasing that amount by one dollar each week. By the end of the 52 weeks, you will have saved $1,378.

How can I save extra cash?

There are many ways to save extra cash. Using fun and simple money challenges can be a great way to get started saving for short-term goals or a big future purchase. Participating in the 100 Envelope Challenge, the 52-Week Savings Challenge, or even creating your own customized challenge can be a great way to improve your relationship with money.

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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 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.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Outstanding checks are common for business owners and individuals. They are simply checks that have not yet been cashed or deposited at a financial institution. Since they are still outstanding, the payor (the entity that issued the check) should keep enough cash in their account so they can pay all outstanding checks. The payee, or recipient, should take steps to deposit outstanding checks as quickly as possible to avoid the risk of their becoming void.

To fully answer the question “What are outstanding checks?” there are more details worth learning. This information can help you better manage your financial life and be a savvier consumer. Read on to find out:

•   How outstanding checks work

•   What to do with old checks

•   What risks are associated with outstanding checks.

What Is an Outstanding Check?

Typically, a payor writes a check to a payee, and the payee deposits the check. Funds are transferred into the payee’s account this way. With today’s technology, checks can be cashed without a fee electronically. If you can access your bank account by app, all it takes is a few clicks on your phone.

But with outstanding checks, things don’t follow this flow. An outstanding check is a check that has been issued but not cashed or deposited. It is considered a liability for the issuer until it is redeemed. If outstanding checks aren’t redeemed, they can become void after a certain timeframe, often six months.

An outstanding check can also mean that a check was deposited at a bank but is still going through the process of clearing. This means it is en route to becoming available funds in the payee’s account, but it’s just not quite there yet.

Until it is deposited, outstanding checks are liabilities on the payor’s balance sheet. Small business owners might wonder, “What does an outstanding check mean?” as well as how to deal with it. It can be a challenge, because enough cash must be kept in the account drawn upon to cover outstanding checks until they are cashed. Outstanding checks can complicate accounting because the assumption is that a check gets issued, deposited, and paid. But if it hasn’t been cashed yet, it can throw off bookkeeping.

How Do Outstanding Checks Work?

Once you write a check or sign a check over to someone, the onus is on them to deposit the check. But sometimes, people don’t make a beeline for the bank or use their banking app right away. How often have you received a check, set it aside on your desk, then nearly forgotten about it? It’s not just you.

Business owners know that outstanding checks might take weeks or months to get cashed. Sometimes, checks wind up hanging around uncashed for a while. Or they even get lost.

Typically, though, check cashing is pretty straightforward. A check is simply a document that authorizes a transfer of money from a payor’s account to a payee’s account. When the payee deposits an outstanding check at a bank, a request to move money is initiated. Funds then move between the two accounts. A bank deposits the cash into the recipient’s account once the bank receives the money from the payor’s account. (Cashing a check without a bank account is more challenging, but you still have options to accomplish this.)

So, what is an outstanding check? It’s when the payee neglects to cash or deposit a check (or the check gets lost). This means the check does not clear and does not show on a month-end bank statement. Outstanding checks are a liability for the payee, but once deposited, they are reconciled against the recipient’s account.

A Check I Wrote to Someone Is Outstanding: Now What?

If you wrote a check that is outstanding for more than a few weeks, there are steps you can take to resolve the situation. First, know that outstanding checks expire, often after six months, but sometimes as quickly as 30 or 60 days. Knowing how to stop payment on a check is useful as well if you wish to void an outstanding check. (More on this below.)

Here are more details on managing outstanding checks.

If the Check Is Less Than Six Months Old

•   Track the value of outstanding checks in your account register.

•   Reach out to the payee and ask what happened to the outstanding check.

If the Check Is Older Than Six Months

•   Reach out to the bank to confirm its policy on old or expired checks

•   Issue a stop payment on the outstanding check.

◦   You might have to visit a branch location to make the request, and there could be a fee involved.

◦   Working with the bank to ensure a stale check gets deposited might require time and effort.

◦   Once voided, be sure to mark the old check as voided in your checkbook. Checkbooks can be useful when tracking old checks.

•   Contact the payee about the situation.

◦   Be sure to tell them that you issued a stop payment on the original check.

◦   Work with them to determine another way to be paid.

Do I Need to Write a New Check?

When dealing with outstanding checks, you may wonder if there’s a limit on how long someone has to cash a check. There often is. Knowing when a check expires is an initial step before deciding whether to write a new check. If a check is outstanding for less than six months, you should not write a new one. Contact the payee to find out more about the situation. That also serves as a friendly reminder to have them deposit it. If more than six months have passed, that check may well be expired and considered void. A new check would have to be written or another method of payment could be used.

If you do write a new check, it may be safest to request that the old one be returned or ask for proof that it’s been voided. Otherwise, in rare cases, you might wind up with both the old (outstanding) and the new check being cashed, which would leave you with a financial loss.

A Check Issued to Me Is Outstanding: Now What?

You should take all reasonable steps to cash or deposit outstanding checks. If you wait too long, the check can go stale, and the money might be then considered “unclaimed property” and wind up being handed over to the state. If it has been more than six months, contact the issuer to resolve the matter. If the sticking point is that you don’t have an account into which you can deposit the check, you can easily open a checking account. It can take just minutes to do so online.

Risks of Outstanding Checks

There are many risks to outstanding checks.

•   One of the major ones is that it bounces by the time an attempt is made to deposit it. This is one of the reasons why knowing what to do if a check bounces is important.

•   You may wind up being charged overdraft fees and non-sufficient funds (NSF) fees if the outstanding check is deposited and then bounces.

•   Outstanding checks also become stale and worthless after a certain period.

•   In business bank accounts, outstanding checks can cause hiccups in accounting if not tracked well.

Reasons Why Checks Aren’t Cashed

There are a number of reasons why checks don’t get cashed and wind up being outstanding:

•   Lack of urgency. A person just doesn’t get around to depositing it.

•   Simply forgetting about them or not keeping tabs on them properly.

•   Loss. Checks can be misplaced or even thrown away.

•   Mail and delivery problems that interfere with the check getting to its recipient (this can involve having an old address on file).

Avoiding Outstanding Checks

While there are many risks with outstanding checks, there are simple steps you can take to avoid them.

•   Keeping a balanced checkbook goes a long way toward preventing a check from being forgotten.

•   Maintaining a tidy desk and filing cabinet for important documents like checks can help you deposit funds promptly.

•   If you wrote the check, calling a payee to remind them that a check is outstanding is a wise tactic.

•   Using online bill pay services can help you dodge the headaches that can come with paper checks.

Banking With SoFi

It’s important to know what an outstanding check is and the potential risks that go along with them. Many checks remain outstanding which can cause risks to both the person holding a check and the entity that issued it. Fortunately, with today’s technology and mobile banking capabilities, it’s easier and faster than ever to deposit checks.

SoFi can help you avoid glitches due to outstanding checks. You can sign-up for real-time mobile alerts that notify you when a check hits your account with our mobile banking app. Banking with SoFi means you have access to paper checks and can make no-cost, peer-to-peer (P2P) money transfers to anyone with a US-based bank account right from your phone. What’s more, when you open your accounts with direct deposit, you can earn a competitive APY.

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

Is an outstanding check bad?

Outstanding checks are not bad per se, but it’s generally wise to promptly deposit or cash checks so that they do not expire. Checks that remain outstanding beyond a certain time frame could become void, so if you hold such a check, you might be out of luck if you then wish to deposit it. Also, outstanding checks can make it hard to determine an account’s available balance, which can lead to bounced checks and overdraft charges.

How do you handle an outstanding check?

If you wrote a check and it is still outstanding, you should consider contacting the recipient to confirm they received it. That might give the payee a nudge that they should deposit it. If you possess an outstanding check, it’s good to deposit it as soon as possible to avoid having it go stale.

Is an outstanding check a debit or credit?

A bank’s reconciliation process will subtract the balance of outstanding checks from an account’s balance on a statement. There is no journal entry for this transaction since the checks were recorded when first issued. The bank makes an entry in its general ledger when it voids a check, however. In that case, a debit of cash is entered and a credit back to the issuing account is made to offset the debit. The voided check is removed from the outstanding checks list.

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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 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.

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.

Photo credit: iStock/Tassii
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If you’re wondering if it’s okay to use checks with an old address, the answer is yes…most of the time.

Encountering a checkbook with your old address isn’t so unusual these days. Checks can come in handy from time to time, but many of us don’t need to use them all too often in this era of online electronic payments. Because of this, it’s easy to see how a checkbook might collect dust and the address on the checks might become outdated.

Read on to learn when it’s possible to use checks with an old address. You’ll find out:

•   Can you use a personal check with an old address?

•   Can you use a personal check with a wrong address?

•   What about business checks with an old or wrong address; are they okay to use?

•   Do checks expire?

•   How can you update checks when you move?

•   What are alternatives to using personal checks?

Can You Use a Personal Check With an Old Address?

Can you use a check with an old address? It is possible to use a check with an old address on it as long as it still has the correct routing and account numbers on it. If those numbers properly identify which bank and account the money should come from in order to pay a check, you’re good to go. That being said, it’s a good idea to let the bank know about a change of address to ensure they send statements and other important info about the account to the correct location.

If someone were to use a check with an old address on it, it can be helpful to let the recipient know about the address being wrong just in case they need to send a receipt or create any other correspondence regarding the payment via mail.

But what if the check writer got a new bank account number or the bank changed routing numbers (this can happen, for instance, when one bank merges with another)? In this situation, it is necessary to order new checks with the correct information on them. This is a great time to update the address on the check, too. Making sure a check’s routing numbers and account number are accurate is something to take seriously. If someone knowingly writes a check for an account that has already been closed, this is considered a form of fraud known as writing a bad check. Because of this, it’s a good idea to confirm check details are current and accurate whenever you move or switch banks to, say, open a new checking account.

Can You Use a Business Check With an Old Address?

It is possible to use a business check vs. a personal check that has an old address on it as long as the account number and routing number are accurate. The main difference between business checks and personal checks is that business checks can be a bit harder to deposit in a personal checking account. This however doesn’t really affect the person writing the check.

Can You Use a Personal Check With a Wrong Address?

It’s fair to wonder, is it okay if my checks have the wrong address? Whether it’s a typo or you moved, this situation definitely happens.

While writing a personal check with the wrong address on it isn’t ideal, it is possible to use one. As mentioned earlier, as long as the routing number and account number for your checking account are accurate, the check can be cashed properly. All of that being said, the check writer may want to inform the check recipient of their current correct address in case they need to mail them a receipt or any other type of communication.

Can You Use a Business Check With a Wrong Address?

As explained earlier, it is possible to write a business check with the wrong address on it as long as the routing number and account number listed on the check remain accurate. Most businesses will want to order new checks with the correct address on them to avoid confusion surrounding where their business is located and where correspondence should be directed. But they don’t need to worry if they have old checks left to use up. They should still be fine to issue.

Do Unwritten Checks Expire?

How long will a check be good for? As long as someone keeps their account open and the correct account number and routing number remain on a check, they won’t expire. However, there is still a situation to consider. If someone closes a bank account, this means the checks associated with the account become unusable. Another situation to be aware of is that bank routing numbers can change, especially when banks merge. So it’s always worth confirming if a check’s information is up to date.

When Are Checks With an Old Address Unusable?

As we mentioned, checks with an old address on them only become unusable if the routing number or account number listed on the check are inaccurate. This causes problems because these numbers are used to verify that the check is good and identify the account the money needs to be withdrawn from in order to process the check.

Ordering New and Correct Checks

If someone needs new checks for any reason — such as a desire to update their address — these are the steps they’ll generally take to order new ones.

•   Log on to their online bank account. It’s usually possible to order checks online or via a mobile account dashboard.

•   Request a counter check. If someone is really in a rush and can’t wait for new checks to come in the mail, they can go to a local bank branch and purchase counter checks. These will have your account information on them, and they typically cost $1 or $2 per check.

•   Review terms and fees. All banks charge different fees to buy checks or a checkbook, so double check how much doing so will cost.

Changing Your Address on Checks

Can you use checks with your old address? You can.

•   If you need to change the address listed on the checks in your personal checkbook, order more checks via one of the methods previously mentioned. This can be done online or in-person at the bank.

•   An alternative would be to use stick-on address labels to cover and replace the old address that appears on your checks.

Do You Need to Write Your Address on a Check?

Checks typically have an address already printed on them. Therefore it is not necessary for the check writer to write it on the check themselves. However, some people may prefer that only their name appears on their checks. Maybe they know they’ll be moving soon, or perhaps they simply prefer this for privacy and security reasons. If you do need to write your address on a check that doesn’t have your address:

•   Use blue or black pen

•   Print your new address under your name at the upper lefthand corner of the check

•   See if the business or merchant wants your phone number as well; this is a fairly common request so they can reach you if necessary. An altered check may not inspire complete confidence.

Do Checks Need an Address?

Checks do not need to have an address printed on them. However, if you choose to omit an address (say, because you know you’ll likely be moving soon), some businesses may hesitate to accept the check. They might ask for a form of ID or a phone number in case they need to contact you.

Alternatives to Personal Checks

If someone doesn’t want to write a check for whatever reason, these are some of their alternative payment options.

Money Orders

It’s possible to buy a money order from the post office and other select locations. Money orders are a very quick form of payment, and can cost less than $2 in fees.

Cashier’s Checks

A cashier’s check, which usually costs a small fee, can be bought at the bank and is a check that is guaranteed by the bank. It will usually require a visit to the bank to get one, though.

P2P Money Transfer Apps

Here’s a very convenient payment option: P2P money transfer apps — like Venmo — that allow users to instantly transfer cash electronically to an individual as long as they have enough money in their bank account. These may be free to use or can involve a small fee (a percentage of the transaction) depending on a few variables. (Sometimes e-checks, or electronic checks, are a payment option for utilities and other accounts. While not a P2P app, they do allow for a seamless transfer of funds.)

The Takeaway

As long as the routing and account numbers on the check are accurate, it’s possible to use a check with an old, incorrect address on it. That said, it’s a good idea to order new checks with the correct address on them to help lessen any confusion the wrong address might cause with check recipients. Having all your details correct can help make banking as simple as possible.

Here’s another way to simplify your financial life: Manage your money with SoFi. It’s a better way to bank. Sign up for online banking with direct deposit, and you’ll earn a competitive APY. What’s more, we don’t charge you any of the usual fees, like monthly, minimum-balance, or overdraft charges.

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

Does it matter if the address on my check is wrong?

If you’re wondering, “Can I use old address checks?” here’s the answer: It is possible to use a check with a wrong address on it. The key is to make sure the routing number and account number is still accurate on the check before using it.

Can you cash a check with an incorrect address?

Cashing a check without the correct address on it is possible. Just make sure the recipient knows the writer’s current address in case they need to contact them.

Do checks need an address?

Checks commonly have an address on them, but it’s not a requirement. If you are using a check without an address, the business or service you are playing may require some additional ID or info.

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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.

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