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Even though many financial transactions are digital these days, there are times when you still need some money in hand.

ATMs can be a quick, easy solution when you need a fast cash infusion. But banks typically impose a limit on how much money you can withdraw in one day. Some banks also charge fees in exchange for the convenience of getting money at the nearest ATM.

Read on to learn:

•   How much money you can typically withdraw from an ATM.

•   How you can get around these ATM maximum limits if needed.

•   How to sidestep ATM fees.

Why Do Banks Have ATM Withdrawal Limits?

While ATM withdrawal limits can be frustrating, they exist for two important reasons:

Cash Availability

Banks want to make sure there is enough money available for all ATM users. But ATMs can only hold so much cash, and banks only have so much cash on hand at any one given time.

Let’s say you go to an ATM on, say, the Friday before a long holiday weekend to get some spending money and find that there is no cash left. This doesn’t happen often, but it’s a possibility. Capping the amount of money that can be withdrawn at an ATM helps ensure that customers can’t clean out ATMs or drain the bank’s cash reserves.

Security

ATM withdrawal limits also protect consumers. If someone were to get hold of your debit card and PIN number, the ATM withdrawal max would prevent that fraudster from immediately draining your entire checking or savings account.

Withdraw limits help reduce the speed with which a criminal could steal from your account.

How Much Can I Withdraw From an ATM?

The answer depends on a specific bank’s rules around withdrawals, with some capping at $300 and others going as high as $5,000 a day. A limit of somewhere between $500 and $1,000 is common.

In some cases, a withdrawal limit depends on a specific customer’s banking history or account type. A new customer with a basic checking account may have a lower withdrawal limit than an established customer with a premium checking account. If you have a student or a second chance account, your max ATM withdrawal might be lower than if you had a standard checking account.

Whether you are withdrawing from checking vs. savings can also make a difference.

Savings Account Withdrawal Limits

The amount you can withdraw will depend upon your particular bank or credit union. In some cases, savings accounts have a higher cap on how much you can withdraw at any one time. In others, you will find that you can pull more cash from an ATM using your checking account. One thing to be aware of: You may be limited to how many withdrawal transactions you can make per month from your savings account. Check your financial institution’s policies for specifics.

Checking Account Withdrawal Limits

The maximum ATM withdrawal limits for checking accounts can vary a great deal. For example, consider these figures:

•   Chase: $500 to $3,000

•   Citibank: $1,500 to $2,000

•   PNC: $500

•   Vystar Credit Union: $560 to $5,000

ATM Withdrawal Limits vs Daily Purchase Limits

It can also be helpful to keep in mind that ATM cash withdrawal limits are typically separate from daily purchase limits.

You may, for instance, be able to make $4,000 in debit card purchases in one day, but be limited to taking out $500 at the ATM.

Some banks may set a third limit — the total amount of money you can take out of your account via withdrawals and debit card purchases each day. Just like credit limits on your credit cards, these numbers may vary with the financial institution.

How To Work Around ATM Withdrawal Limits

If you need more cash than an ATM will allow you to withdraw, there are a few workarounds that can help as you wrangle your cash management.

Asking For Cash Back While Shopping

In some stores (like grocery stores), it’s possible to ask for cash back at checkout when making a purchase. While cash back may count towards your debit card’s daily purchase limit, it typically doesn’t count towards a daily ATM withdrawal limit.

The store will likely also have a cash back limit that applies on a per purchase basis. That could mean you’ll need to make multiple purchases to withdraw the full amount of cash needed.

Withdrawing From Savings

If you have both a checking and savings account, here’s another possibility: You can withdraw money from a savings account when using an ATM. This can help avoid the daily checking account withdrawal limit. There may, however, still be some limitations on ATM savings withdrawals, and this may vary with the kind of savings account you have.

Withdrawing at the Window

If you bank at a bricks-and-mortar location and the branch is open when you need more money, head inside. You can withdraw the amount you need by seeing a teller.

Fees to Look Out for When Withdrawing Money From the ATM

Many banking institutions have free ATM networks, but you may incur ATM fees if you use a machine outside of your bank’s network. This may include a fee from your bank, as well as a fee from the ATM provider.

These fees can add up quickly. If you were to use an out-of-network ATM, your bank might charge you as much as $1.50, while the ATM provider might charge you $3. In total, you could pay $4.50 for withdrawing your money.

To avoid ATM fees every time you get cash, you may want to look for a bank that doesn’t charge out-of-network ATM fees and/or refunds fees charged by the machine provider. Some banks reimburse fees charged by an out-of-network provider up to a certain amount each month.

Another option is to choose a bank with in-network ATMs that are convenient to where you live and work. You can also reduce fees by withdrawing more money at one time and making less frequent trips to the ATM.

The Takeaway

ATM withdrawal limits are there for your protection as well as the bank’s, but that doesn’t mean they aren’t inconvenient at times.

If you regularly need cash, you may want to find out your bank’s daily ATM withdrawal limits and plan ahead. Or, you can work around the maximums in place and get cash from other sources. By using a bit of smart strategy, you can make sure you have the cash you need on hand.

Love the convenience of the ATM, but not a fan of fees? You might want to consider opening an online bank account with SoFi. Our Checking and Savings allows you to earn, save, and spend all in one account. When you sign up with direct deposit, you’ll earn an incredible APY. And members can use more than 55,000+ Allpoint network ATMs worldwide without paying any fees.

FAQ

Why do ATMs have withdrawal limits?

ATMs have withdrawal limits to help make sure the terminals don’t run out of cash for customers. ATM withdrawal limits also help protect account holders if their card were stolen or hacked; it minimizes how much they could lose in a specific period of time.

What is the difference between checking and savings account withdrawal limits?

Each bank or credit union has its own policies about withdrawal limits. These may depend on the kind of account, how long and responsibly the account holder has been a client, and other factors. The limits from checking and savings might or might not be the same.

What is the maximum amount I can withdraw from an ATM?

The amount you can withdraw from an ATM may range from $300 to $5,000 a day, depending on the financial institution and your particular account. Somewhere between $500 and $1,000 is typical.

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.

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.

SOBK0422014

Looking for affordable loans and access to bank accounts may not be as easy for some people, especially those of lower income and in rural or underserved areas. That’s where Community Development Financial Institutions, or CDFIs, step in. These organizations aim to serve economically disadvantaged communities.

Here, take a closer look, including:

•   What a CDFI is and how they work?

•   What are the different types of CDFIs?

•   What CDFIs offer?

•   Pros and cons of CDFIs.

What is a Community Development Financial Institution?

Community Development Financial Institutions, or CDFIs, are financial institutions — mainly banks and credit unions — that help those in underserved communities in rural and urban areas. CDFIs were established by the Riegle Community Development and Regulatory Improvement Act of 1994. At the same time, a CDFI Fund was formed to assist these institutions in providing loans (business and personal) and other types of financial assistance to those in need.

To promote accessible products and services, CDFIs typically rely less on common factors such as credit scores and monthly fees when providing loans and bank accounts. (For instance, economically disadvantaged people may have trouble opening a standard checking account if they have a low credit rating and typically be given access to a second chance checking account. A CDFI may offer more options.)

CDFIs may also help invest in the local community by providing tools to build credit, encourage savings, and share other financial literacy tools. Currently, there are around 1,000 CDFIs across the U.S.

How Do CDFIs Work?

CDFIs work by providing products that, among other things, offer individuals and businesses the opportunity to borrow funds at a lower cost and to build their credit. The CDFI Fund, part of the U.S. Treasury, allows financial institutions to offer low-cost loans and mortgages for small businesses and first-time home buyers. CDFIs also can offer credit builder loans to help borrowers build a positive credit history.

Here’s an example of how a CDFI might help underserved communities build financial literacy and save money. If a person needs $400 to pay for a car repair, they might not have the cash available and would instead need a loan. Instead of seeking banking alternatives and, say, heading to a payday loan lender that offers a 350% interest rate, a CDFI might offer a loan with a rate of 20%. Doing so can save the borrower a significant amount in interest and contribute to their financial wellbeing.

What Are the Types of CDFIs?

There are several types of CDFIs; they tend to have similar, but not identical, missions. If you want to understand the specifics of what a CDFI is, you’ll find a few options:

Community Development Banks

Community development banks tend to be for-profit organizations that provide loans to those who are in distressed or underserved communities. Most commonly, borrowers are small businesses, non-profit organizations, local entrepreneurs, and housing developers.

Insured through the FDIC, these loans include business and non-profit loans, mortgages or home improvement loans, and some banking services.

Community Development Credit Unions (CDCUs)

CDCUs are financial institutions that are non-profit and member-owned, offering products and services to both business and consumers. Some of these may include credit counseling, consumer banking products like checking and savings accounts, and business planning for lower-income folks who are members of the CDCU. Given that these services are designed for the economically disadvantaged, customers may not have to deal as often with such issues as figuring out why a bank account is frozen and instead get support and financial literacy training.

They might also gain more services, such as being able to wire money to others.

Community Development Loan Funds (CDLFs)

CDLFs are typically funds that work with small businesses, non-profit organizations, and social-service provider facilities in lower-income communities. These mostly non-profit funds tend to provide pre-development, start-up, and business expansion loans at a lower interest rate. Typically, they also offer extra guidance such as help with business planning.

Community Development Venture Capital Funds (CDVC)

CDVCs provide funds, both equity and debt, for medium-sized businesses to encourage them to create jobs and other resources that help benefit lower-income and other types of underserved communities. Borrowers also tend to be businesses with a high potential for growth to which the CDVC will also provide extensive guidance.

Microenterprise Development Loan Fund

This type of loan fund offers loans and assistance, such as technical support, to lower-income entrepreneurs and self-employed individuals who can’t access conventional loans. These funds are usually non-profit and offer a peer lending model.

Community Development Corporations

Community development corporations are non-profit organizations usually formed by the local community and run by a volunteer board. They aim to use funding and investments to revitalize lower-income communities by offering affordable housing, providing social services, and creating jobs.

Requirements for CDFI Certification

To be eligible for CDFI certification, a financial organization must have a main mission of offering services to lower-income and underserved communities.

Other eligibility requirements include:

•   Providing financial and educational support services

•   Serving in a minimum of one eligible target market

•   Need to direct a minimum of 60% of their services to at least one eligible target market

•   Maintaining accountability to their defined eligible target market

•   Being a non-governmental and legal entity (except Tribal government entities) when applying for CDFI certification

How Do CDFIs Help People of Lower Income?

These mission-driven financial organizations work specifically to help underserved communities, particularly those who are lower-income. By offering financial services, such as bank accounts and loans, they can elevate the community. Even if funding goes towards businesses, the loan proceeds need to be able to help lower-income communities, whether that’s through job creation or other forms of assistance.

What Do CDFIs Offer to Communities?

CDFIs offers the following products and services to communities:

•   Low-interest loans

•   Affordable housing opportunities

•   Bank accounts for those who may not have access to traditional financial products and services

•   Training such as financial literacy and business development assistance

Benefits of CDFIs

Advantages of Community Development Financial Institutions include:

•   Access to banking services for those who have been denied by conventional means

•   Access to low-interest loans to grow a business or find a more affordable path to homeownership

•   Increased access to financial and business training

•   Potential growth opportunities in lower-income and other underserved communities

Drawbacks of CDFIs

Disadvantages of Community Development Financial Institutions include:

•   Not all areas will have easy access to a CDFI

•   May not always be easy to get loans or funding, depending on the borrower

•   Interest rates may be higher than conventional loans for creditworthy borrowers

•   CDFIs’ ability to provide funds may be limited by investors and the federal government

The Takeaway

Community Development Financial Institutions, or CDFIs, are stepping up to help lower-income and underserved communities access affordable loans and financial products they otherwise may not have. While there are a limited number of CDFIs and funding is not infinite, they are working to improve both funding and financial literacy in some of America’s more vulnerable communities.

For those who are looking to avoid the usual charges that come with personal banking, SoFi has a great fee-free option. When you sign up for Checking and Savings with direct deposit, you don’t pay any fees like monthly, minimum-balance, or overdraft. Need more good reasons to open a new bank account? You’ll also have access to a network of 55,000+ fee-free ATMs and earn a competitive APY.

FAQ

What is the difference between a bank and a CDFI?

Banks and CDFIs are both types of financial institutions, though the main difference lies in their mission. Banks tend to be for-profit organizations that focus on satisfying their shareholders by generating profits. CDFIs, on the other hand, aim to provide accessible and affordable financial products and services (such as bank accounts and loans) to lower-income and other underserved communities across the U.S.

How does a bank become a CDFI?

A bank can become a CDFI by getting certified by the U.S. Treasury. It needs to meet certain criteria, such as directing at least 60% of its funds towards financial products and services for lower-income communities, as well as navigating other stringent certification processes.

What are the benefits of being a CDFI?

The benefits of being a CDFI include getting additional training resources, networking opportunities with other financial institutions, and some exemptions to lending caps and mortgage rules. Of course, there’s also the benefit of knowing your organization is helping underserved communities grow and thrive.

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

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

Photo credit: iStock/PeopleImages
SOBK0422057

If you have an overdraft at your current bank account, you may wonder if it is still possible to switch to another bank. While you can switch bank accounts with an overdraft, it will cost you. What’s more, you may be limited to second-chance checking accounts or “no-overdraft” accounts that offer limited services and charge a monthly fee.

That’s because checking account reporting companies like ChexSystems and Early Warning Services monitor your banking activity and produce reports about your habits, much like a credit report. When you overdraw an account or have unpaid fees, these agencies will likely add that to your report, indicating to banks and credit unions a certain level of risk associated with taking you on as a customer. And if a bank closes your account because of an overdraft (called an “involuntary closure”), it may portray you as an even larger risk.

In this guide, you’ll learn the answer to “Can I switch bank accounts if I have an overdraft?” and other important insights. What’s ahead:

•   Is it possible to switch your bank account after overdrafting?

•   What happens when you overdraft?

•   How to find a new bank account?

•   What ChexSystems is and how to improve your banking record.

Is It Possible to Switch Your Account After Overdrafting?

Here’s the answer to the question, “Can I switch bank accounts with an overdraft?”: Yes, you can make a change, though your options may be limited. And even when you switch, you are still responsible for paying off your negative balance in your old bank account.

Because of the potential negative impact on your checking account report, it is a good idea to pay off your negative balance with your bank before switching, if at all possible. Doing so may make it easier to find a new checking account.

What Happens When You Overdraft

When you overdraft on your account, your bank may assess certain overdraft fees, depending on the terms and conditions of your account and what you have opted into. You will then be responsible for paying back the overdrawn amount plus the fee.

Agencies like ChexSystems and Early Warning Services will note this on your report. Your banking report is separate from, but similar to, the credit report that is compiled by the big three agencies: Equifax, Experian, and TransUnion. While a credit report tracks how responsibly you use credit (paying bills on time, how much debt you have), your banking report chronicles activity like bounced checks.

If you maintain a negative balance and do not pay the fees, the bank may close the account for you. This situation, when you have an involuntarily closed account on your checking account report, can make it much more challenging to convince a bank to let you open a new account.

Remaining bank account fees can even go to collections. In other words, if you avoid paying off the negative balance now, you may one day have to deal with a debt collector.

Recommended: Does Switching Bank Accounts Affect Credit Score?

How to Find a New Bank Account

If you want to switch bank accounts with an overdraft, perhaps because the current bank’s overdraft policy is not ideal for your situation, you have two options:

•   Pay back the negative balance and any overdraft fees. Doing this will allow you to close the account on your terms. It will also minimize any damage done to your checking account report with ChexSystems and Early Warning Services. Then you can assess what kind of bank account would work better for your needs.

•   Look for a second-chance checking account. If you cannot pay back the fees and negative balance right now, the bank may eventually close the account for you. With unpaid fees and potentially an involuntary closure on your report, you may find yourself limited to second-chance checking accounts, sometimes called “no-overdraft” accounts (more on these, below).

Pay Back the Overdraft

If you are able to resolve any overdrafts before closing your account, you will likely find it easier to open a new checking account. Without major blemishes on your report, the door will be open to better accounts, potentially even accounts that offer cash back rewards or pay interest.

In addition to offering interest and/or cash back, higher-caliber checking accounts often offer overdraft coverage with no fees to keep you from falling back into your overdraft habit.

There are other reasons to repay that overdraft on your bank account. With a stronger checking account report, you can typically find that doors open to a variety of banking products that reward you for your responsible behavior. For instance, you might be eligible for rewards checking accounts with no fees and protection from overdraft as well.

Look for a Second-Chance Checking Accounts

However, if you are unable to pay off the negative balance or if your account was already involuntarily closed, you are not out of options. Some banks and credit unions do not use ChexSystems and Early Warning Services reports, which can make it easier for you to open an account.

You can often find second-chance checking accounts specifically designed for consumers who have been rejected by major banks because of their checking account reports. Such accounts often come with monthly fees that you cannot waive, and they might have additional requirements. Note: These accounts typically do not allow you to overdraft. Some banks will convert these accounts into standard checking accounts after a year or two of good banking behavior.

As an alternative, certain banks and credit unions may offer a prepaid card that operates like a debit card. You can load the card with money to spend. But unlike prepaid gift cards, these cards allow you to receive direct deposits and fund them with checks.

How You May Improve a ChexSystems Report

If you want to potentially improve your ChexSystems report, it’s important to know that negative behavior can linger for a number of years. ChexSystems, Early Warning Services, and any other agencies that report on consumer checking accounts cannot keep information that is older than seven years; some companies remove information after five years.

But you don’t just have to wait for time to pass to improve your checking account report. Here are a few things you can do to clean up your report now:

•   Dispute incorrect information. First and foremost, you can request one free ChexSystems report every 12 months (or any time you are denied an account). Review this report to ensure the information is correct, and dispute any discrepancies with the financial institution and the reporting company. If you have been a victim of bank account fraud, this is especially important; it’s wise to clear up these issues as soon as possible.

•   Pay off unpaid balances. If you have unpaid balances with a bank or credit union that are showing up on the report, you can pay these off, then request that the bank update the information with the reporting company.

•   Take advantage of your no-overdraft account. While you are waiting five to seven years for negative entries to fall off your report, it’s a good idea to avoid any activities that could lead to further bad marks. Utilizing a no-overdraft checking account, though it might carry monthly fees, can be a good way to ensure that you don’t accidentally overdraft again. In the same way you might build credit over time, you can establish a banking history that is mostly free of bad marks.

The Takeaway

Switching bank accounts if you have an overdraft is possible, but it can have long-term effects on your personal finances. If at all doable, restoring balances to $0 and paying overdraft fees before switching accounts is a good idea. It will help you access more flexible banking options at other institutions. However, if you can’t pay the outstanding balance, you might still be able to switch to a second-chance checking account. These accounts are designed for those whose checking account reports contain instances of risky banking activities and can help you build back good banking behavior after overdrafts and the like.

If you are looking for a checking account that offers overdraft coverage with no fees, consider opening a new SoFi Bank Account. When you open Checking and Savings with direct deposit, you’ll enjoy an amazing APY, and access to your paycheck up to two days early. With a minimum monthly direct deposit of $1,000, you also get no-fee overdraft coverage.

FAQ

Can you close a bank account if you owe an overdraft?

You typically cannot close a bank account if you owe an overdraft. The bank, however, can choose to close your account to protect itself against further risk. This is called an involuntary closure and has a negative effect on your checking account report.

Can you close a bank account with a negative balance?

Generally, you can not close a bank account with a negative balance or unpaid fees. You will need to pay this money back to the bank or credit union before you can close the account.

Can you go to jail for a negative bank account?

A negative or overdrawn bank account is not a criminal offense. However, your account could be sent to collections, and unpaid balances will show up on your checking account report, which could make it difficult to open an account in the future.

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.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

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.

Photo credit: iStock/Professor25
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Each of us has our own agenda in terms of what makes stashing our cash away worthwhile. For some of us, it’s the anticipation of doing something fun or buying something beautiful. For others, it’s all about using our cash to secure some quality of life and peace of mind.

Regardless of what gets you saving, you’ll look forward to snagging that reward. You’ll deal with a bit of deprivation to get to your goal, whether you’re stashing funds to buy a new computer, a used convertible, or cool new shoes. And even if what you’re working towards isn’t so fun (think retirement funds to ensure your future), you’re bound to be honing your saving skills. You’re likely boosting your financial wellness as well.

Here, learn more about how to save for items that are well worth your time and effort. Plus, we’ll share 25 ideas to inspire you to amp up your savings account.

Why Saving Is Important

The importance of saving cannot be overstated; it’s a very big part of successful money management. Consistently putting away cash can make a major difference over time, especially in your quality of life. By planning and prioritizing what expenses to fund, you’ll have the means to achieve your goals. It’s incredibly rewarding when you make a plan for your money and then realize it.

To jump start your savings, try one of these creative strategies for turbocharging your savings.

•   Budget first. The mere mention of the word budget can stress some people out, but a budget is simply a plan for how you will spend your money. Having a strategy in place can really help keep your spending and savings on track. There are a number of methods you can use to budget, including the good old cash envelopes system and the 50/30/20 rule, as well as a number of mobile apps. Research your options online, and find the one that works best for you.

•   Automate savings. One of the easiest ways to ensure you’re saving toward your goal may be to automate it. This can take much of the stress out of saving. For instance, you could set up an automatic bank transfer from your checking to your savings account every payday.

•   Save consistently. Over time, you have a great chance of meeting your goal. Maybe it’s only $5 or $25 a pop, but contributing to your savings account regularly is vital. Be consistent and trust the process.

•   Save bonuses, tax returns, and other unexpected windfall amounts. These extras can give your savings account a tremendous boost.

•   Match your own purchases. For every amount that you spend on a treat, transfer that same amount into savings.

•   Save every $5 bill. By setting aside every $5 bill you encounter (as change from a purchase, from an ATM, etc.), you can save quite a bit in a year’s time.

•   Use the 30-day rule to control impulse purchases. Write down that shiny new thing you want, whether it’s a pricey new mobile phone or a designer bag, and wait 30 days to see if you still want it. You may find that your urge to spend on it has passed. If so, you can put the money you save this way into savings to fund something that’s on your wishlist.

Recommended: How Much of Your Paycheck Should You Save?

25 Smart Items to Save Up for

Spending money according to your own personal preferences — whether it’s a vacation, a new car, or a comfortable home for your family — should be the driving force behind your saving goals. This is how to make saving fun: Make a list of cool things to save up for. Create a vision board if you prefer; the idea is to entice yourself to perhaps pass up some unnecessary spending (takeout meals, a multitude of streaming services) and achieve those things you really crave. Not sure what to start saving for? Here are 25 ideas to get you going.

1. Vacations

You may have heard that vacations are good for both your physical and mental health. Even the act of looking forward to a vacation can improve your happiness. Whether the vacation you crave is a week at a nearby beach, a long weekend with your college besties, or a jaunt through Europe, the prospect of travel can be great motivation to save money.

2. Brand New Electronics

Buying new electronics isn’t just a leisure pursuit. New electronics can help with your productivity and ability to earn an income (or a higher one). It may be worth it to you to save for and invest in tools, such as a new laptop or video equipment, that can make your life better.

3. Starting a Business

If starting a business and becoming your own boss is a dream of yours, savings can go a long way toward making it happen. In fact, out of businesses that fail, 38% say it’s because they ran out of cash. Start accumulating capital so you can hopefully avoid becoming part of that statistic.

4. Investing in Real Estate

Want to invest in real estate? Whether it’s a REIT (real estate investment trust), a rental property, or other type of vehicle, you’ll need some cash to get started. Directly owning an investment property, for example, means you may need 15% for a down payment on a conventional loan.

5. Weddings

This is a popular motivation to save. Most people dreaming of their big day know that it doesn’t come cheap. The average cost of a wedding in 2021 was $28,000, according to one survey. Saving for this expense means you can celebrate the special day with loved ones, just the way you want to, while minimizing money stress.

6. Investing in Index Funds

Many people dream of having a financial portfolio that pumps out earnings. Index funds may be able to help you create a diversified portfolio at a low cost. Putting money in an investment fund can help you make your money work for you and achieve your financial goals.

7. Brand New Car

Most people need wheels to get around, but cars aren’t just about function. Maybe you are dreaming of a low-slung sports car or an SUV that’s ready to offroad. When you get the keys to a new car, you’ll likely know that your time and energy spent saving was worth it.

8. Down Payment on a Home

Saving for a home is a top priority for many and for good reason. The typical homeowner who purchased a property just five years ago would see a $144,000 increase in their net worth. Aside from the potential financial benefits, owning your dream home is a major boost to your and your family’s quality of life.

9. Clothing and Shoes

There’s something about fresh clothes and shoes that can give you a psychological boost. For a household, costs averaged $1,434 for apparel for the year. Saving a little toward making yourself look good is one of the fun things you can save up for. It could be a whole wardrobe upgrade or a special splurge piece, but clothes can be excellent saving motivation.

10. Hobbies

If there’s something you enjoy doing in your free time, be sure to save enough money to fully invest yourself in the activity. Do you want a new acoustic guitar or perhaps a pottery wheel? Save for it. You may even be able to monetize your hobby or start a business from it.

11. A Quality Mattress and Mattress Accessories

According to the CDC, one out of three Americans don’t get enough sleep. Being deprived of sleep can have a major impact on how you feel and function. Which is all the more reason to save for the comfiest mattress you can find.

12. Exercise Equipment

The right exercise equipment can help you make your health a priority and work out regularly. It’s not cheap, though. Equipment can cost as little as about $20 for a kettlebell or thousands for a top-of-the-line rowing machine or Pilates equipment.

13. Professional Lessons (Sports, Dancing, Cooking, etc.)

Whether you want to dance more smoothly or perfect your golf swing, saving toward developing those skills can bring a lot of joy and satisfaction.

14. College

So many people feel the thrill of pride and achievement when earning a college degree, and it can help fuel a career. But college costs are up 169% since 1980 — and there’s no telling how much further they’ll go. Saving toward these expenses, whether for yourself or your dependents, can help them get the education they need and dampen the blow of the cost of education.

15. Quality Home Appliances

Maybe you’d like to remove that old eyesore of a dishwasher and replace it with a top-notch new one, or swap out your old washer/dryer for an eco-friendly new model. Or, say, a professional-grade stove is calling to you to live out your gourmet dreams. Once you get the appliance you were dreaming about, you’ll likely feel that saving for it was worthwhile.

16. Home Security

While it may not exactly be a cool thing to save up money for, a home security system can give you amazing peace of mind. As a bonus, you may have fun doorbell footage to post on social media once you buy your system.

17. Jewelry

If you love shiny baubles, they can certainly be worth saving for. Maybe there’s a dream piece you’ve been pining for. With the cost of some custom jewelry ranging from $2,000 to $30,000, you’ll definitely want to have a plan to save for it.

18. Home Furniture

If you value updated and stylish furniture, you’ll want to put it on your list. New furniture can uplift the comfort, function, and look of your home. Not to mention, when (or if) you sell your home, it can possibly help your place fetch a higher sales price.

19. Events & Special Occasions (Concerts, Dinners, Sports Games, etc.)

Many of us look forward to making lifelong memories at special events, from a Stones concert to the Super Bowl to a local gala. These occasions can both entertain and help you feel connected to the people who accompany you. Indulging in tickets every now and then is an incredibly fun and cool thing to save up for.

20. Home, Car and Health Insurance

Putting money toward insurance premiums may not always be fun, but it may give you peace of mind. It helps you know that you’re covered in case of accidents, unexpected health problems, and natural disasters. Saving up to afford a policy is wise if you are, say, planning to buy a house or car or are prepping for a big live event, like marriage or becoming a parent.

21. Retirement

Saving for retirement is a critical part of your financial health. A Federal Reserve survey found that only 36% of workers felt their retirement savings were on track. If you want to give yourself a healthy cushion for some of the most vulnerable years of your life, you may want to add to your retirement savings. While it doesn’t give you a tangible payoff now, you may rest easier knowing you’re prepared for tomorrow.

22. Anniversaries

Have someone (or something) special you want to celebrate? Put aside some money to do it up right, especially if it’s a nice round number that’s coming up. It’s up to you whether the funds go towards a gift, a trip, or a special night out with friends and family.

23. Repairs and Remodels

Home improvements can make your home more comfortable and functional but they are likely a major expense. With the average remodel topping $47,000, it will take quite a chunk of change to make it happen. Saving for this type of cost can help you turn your place into the showplace you know it can be.

24. Birthdays

Celebrating birthdays is a fantastic way to nurture the relationships in your life. Maybe it’s with a candlelit dinner or tickets to a show, but it can be a great excuse to save and then spend some cash.

25. Holidays

Creating holiday memories is important for many of us. Saving up for the holidays and seeing your vision for your family come to life can be incredibly rewarding. A Gallup poll found that Americans plan to spend around $886 on Christmas gifts each year. On top of this, Americans are spending $231 on things like decorations and food and another $118 on other purchases. Stashing some cash in advance can help alleviate stress during the most wonderful time of the year.

Banking With SoFi

Focusing on a wish-list item can give you the motivation and discipline to start saving. Of course, the goal will vary with each person. One person may want a trip to Bali, another may need a new car, and a third may be focused on getting a down payment together for a home. Whatever the goal, saving for an important purchase can be a great way to build your financial skills and elevate your quality of life.

If you want a partner to help you save, consider opening a SoFi bank account. You can earn a competitive APY when you open Checking and Savings with direct deposit. There are automatic savings features too, and you won’t pay any account fees.

FAQ

How can I develop the mindset to save long-term?

To develop a mindset to save for the long term, be sure to start with a goal. Brainstorm some cool or vital things to save up for. Then, automate regular transfers to your savings account. If you don’t see that money in your checking account, you likely won’t spend it.

Is saving money long-term hard?

Saving can be hard, and even a small amount stashed regularly can make a big difference in your financial wellness. The Federal Reserve reports the average household saving rate in early 2022 was 5%. It may not be a huge amount, but it can be a good start.

How do I make saving money easier?

Saving money is easier when you have a plan in place. Automating money transfers to your savings account when your paycheck hits is one easy way to start saving towards something fun. You can also experiment with different budgeting methods to help “find” more money to put into your savings.

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/Borislav
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