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The average out-of-network ATM fee currently costs $4.77 per transaction, and those charges can really add up. Think about it: If you assessed a $5 fee when using an out-of-network machine to grab $40, you’ve paid over 10% of the amount withdrawn just to get that cash into your pocket.

Fortunately, you can avoid ATM fees. Try these seven simple techniques.

7 Ways to Avoid ATM Fees

Service charges are fairly common these days. You are probably used to getting hit with them when you order movie or concert tickets online, for instance. But if you are merely taking out your very own dollars from an ATM, you likely don’t want to pay for that privilege.

While it may not be possible to always avoid these fees, particularly if you travel frequently, there are some smart strategies for evading those charges. Follow this advice.

1. Planning Ahead

Before heading out for the day or evening, consider whether or not you may need cash. Some independent restaurants, stores, and barber shops still operate as cash-only businesses. So if you’re testing out a new spot, you may want to check the website or call so you’re prepared with cash if needed.

If an establishment only accepts cash and you don’t have any, you may get stuck using the nearest ATM, which may result in double fees from both your bank and the operator of the machine. It can also be a good idea to get some cash in advance (fee-free) if you’re going to a restaurant, gas station, or store that offers a discount for paying cash.

Choosing Restaurants That Take Credit Cards

A corollary to the above tip is to scope out a restaurant’s payment policies before you head out to dinner. It’s no secret that dining out can be a big expense (especially if you order that nice bottle of wine). Nor is it privileged information that many eateries are cash-only.

It’s wise to check the restaurant’s situation beforehand to make sure they take plastic. Otherwise, you will likely be forced to use the closest ATM, which can get pricey.

Taking Money Out Before Going Out

Another way to avoid ATM fees when dining out: Hit up the cash machine en route or earlier in the week. That way, you know you are covered.

Recommended: Pros & Cons of Living Cash-Only

2. Using Your Bank’s ATMs

Taking some time to familiarize yourself with your bank’s closest ATM locations (considering both home and work) can save you money and hassle down the line. There may be a location finder tool on the bank’s website or app, or you can do a general web search, or even use your phone’s maps app.

Generally, the larger, national banks will have more options for branded ATMs than smaller, regional institutions. Banks of all sizes, however, often partner with large ATM networks in order to expand their customers’ options and provide them with a fee-free banking experience.

Recommended: Cardless Money Withdrawal

3. Finding Partner ATMs

Another way to avoid out-of-network ATM fees is to find those terminals with which your bank has a relationship.

The biggest advantage of partnership networks is the potentially vast number of fee-free ATM locations available. Some of the largest networks even include ATMs in locations like convenience stores, pharmacies, and retailers.

If your bank partners with an ATM network, you may be able to perform ATM transactions at their terminals without getting hit with any fees from your bank, though some locations may still collect ATM surcharges. It can be wise to familiarize yourself with the policies before you start regularly hitting the machines for cash.

The easiest way to find your bank’s partners is to check the back of your debit card. If you see a logo for Allpoint, for example, you can search their app for the closest of their 55,000-plus locations.

This doesn’t automatically mean that your transaction will be entirely fee-free, but either your bank or the partner may waive charges. It’s a good idea to check with your bank for details.

Bank Partner ATMs Explained

What are bank partner ATMs? This means that there is a relationship between your bank and their partner and you can likely use their ATMs fee-free.

These kinds of partnerships can exist for various reasons. Perhaps you bank at a relatively small, local bank network. They may team up with a larger network of ATMs to make it more convenient for customers to get cash on the go.

Or perhaps you bank at an online bank, which doesn’t have brick-and-mortar locations but wants to provide access to cash machines. Their partner network can provide terminals fee-free, a nice perk for the bank’s clients.

4. Taking Out More Than You Need

How else to avoid ATM fees? Consider that ATM fees are typically per transaction, so one easy way to avoid extra charges is to withdraw more cash than you need. This is particularly true when traveling overseas, where surcharges can be significantly higher than domestic ATM fees. The downside is that you may feel uncomfortable keeping a bunch of cash on hand.

The Benefits of Less Frequent Withdrawals

Making less frequent withdrawals can have a few pros:

•   Saves you time thanks to fewer visits to the ATM

•   Costs you less in fees (if they are assessed)

•   Can help with budgeting; taking one larger lump sum may focus you more on your spending vs. grabbing $20 here and there without realizing how much cash you are going through.

Recommended: ATM Withdrawal Limits – What You Need to Know

5. Getting Cash Back

If you need cash and aren’t near one of your bank’s ATMs, you may be able to avoid paying an ATM fee by finding a nearby grocery store, gas station, or large retailer. Many of these retailers offer cash back when you make a purchase using your debit card.

If you go this route, you’ll need to make a purchase (ideally for something you need) and ask for cash back. The cashier will add the amount of cash you want to the purchase price and give it to use as cash, typically without charging any fee.

Where Can You Get Cash Back?

Many retailers allow you to ask for cash back, often with a stated maximum amount. You might be able to get cash when making a purchase at:

•   Gas stations

•   Grocery stores/supermarkets

•   Large retailers, such as Target and Walmart, but you may have to use a particular card for this benefit.

6. Choosing a Different Bank

Not all banks charge out-of-network ATM fees. If you’re getting hit with fees, especially double fees, you may want to consider switching banks to an institution that has a larger ATM network, doesn’t charge ATM fees, and/or refunds ATM fees charged by machine providers.

Some banks will reimburse up to a certain amount every month in fees charged by an out-of-network provider. If you suspect you’ll use non-network ATMs frequently, you may want to consider a bank that will refund you.

Some Banks Reimburse ATM Fees

The banking industry is changing, and several players now embrace the idea of reimbursing ATM fees. This puts the customer first. It also addresses the fact that online-only financial institutions are getting more popular; this means there are no bank-owned terminals because there are no brick-and-mortar locations.

7. Using Personal Payment Apps to Pay Your Friends

With peer-to-peer (P2P) payment apps like Venmo, you can often avoid a trip to the ATM entirely. Once you set up an account and link your bank account, it’s easy to move money directly from your account to your friends’ accounts. Your bank may also have its own P2P payment app.

The Takeaway

Costing an average of $4.77 each, out-of-network ATM fees can be annoying and add up quickly. But, fortunately, this is usually an avoidable expense. One way to avoid ATM fees is to do some research on where your financial institution’s branded ATMs are located in your area, as well as ATMs that are in their partner networks. Other options include using payment apps or asking for cash back at a retail cash register when it’s available.

FAQ

How do you avoid paying fees at an ATM?

There are several ways to avoid paying ATM fees, For instance, you might only use in-network or partner bank ATMs, carry cash, and/or use credit cards or P2P payment apps.

Is it free to withdraw cash from ATMs?

It should be free to withdraw cash from an ATM provided you use your bank’s or its partner bank’s network. If you use an out-of-network terminal, however, you could pay a fee to both your bank and the machine’s operator.

Why do some ATMs charge you for withdrawing money?

You may be charged a fee if you use an out-of-network ATM. Because you are not a member of the bank providing the terminal, they can assess a charge to handle your transaction. In addition, free-standing ATM machines are a for-profit enterprise, offering the convenience of cash while earning a fee on every transaction.

About the author

Julia Califano

Julia Califano is an award-winning journalist who covers banking, small business, personal loans, student loans, and other money issues for SoFi. She has over 20 years of experience writing about personal finance and lifestyle topics. Read full bio.

SOBNK-Q325-033

If you’re curious about how banks are regulated, it’s important to understand that multiple agencies help keep America’s financial institutions safe and compliant with the law. Some of the key regulatory agencies are the Office of the Comptroller of the Currency (OCC), the Federal Reserve (the Fed), and the Federal Deposit Insurance Corporation (FDIC).

In this guide you’ll learn more about how bank regulation works, including who regulates banks, what bank regulators do, and how your money is protected.

What Do Bank Regulators Do?

Here are some of the key points to know about what bank regulators do and how they can provide customers with a sense of financial security:

•   Review the financial health of banks and step in as they deem necessary

•   Regulate foreign banks that are in business in the United States

•   Examine banks to make sure their practices are safe, sound, and fair

•   Intervene if banks are failing and ensure that depositors are protected up to the limits of insurance (and sometimes beyond).

Recommended: Guide to Opening a Bank Account as a Non-US Citizen

Who Regulates Banks?

The next aspect to delve into is who has the responsibility of regulating banks and can intervene when they deem necessary. These are the three key players when it comes to oversight of commercial banks:

Office of the Comptroller of the Currency

The Office of the Comptroller of the Currency (OCC) is an independent bureau within the U.S. Department of the Treasury. Its role is to charter, regulate, and supervise America’s national banks and federal savings associations.

In addition, the OCC oversees federal branches and agencies of foreign banks doing business on U.S. soil.

The OCC describes its mission as:

•   Ensuring that these institutions conduct business in a safe and sound manner

•   Determining that there is equitable access to financial services and customers are treated fairly

•   Making certain that the banks it oversees are complying with all applicable laws and regulations.

The Federal Reserve

The Federal Reserve, or the Fed, is responsible for regulating a different set of entities: some state chartered banks, certain nonbank financial institutions, bank and financial holding companies, and foreign banking organizations.

The Federal Reserve is America’s central bank, and has a broad jurisdiction as it works to promote the health of the U.S. economy and the stability of the financial system. Among its key functions are:

•   Conducting on-site and off-site examinations of banks to make sure they are operating in accordance with applicable laws.

•   Making sure that banks have enough capital available to withstand economic fluctuations. This can involve reviewing balance sheets, projections, and other financial materials.

•   Possibly reviewing “resolution plans,” which detail how a financial organization would resolve a situation in which it was in financial trouble or failed.

Recommended: Federal Reserve Interest Rates Explained

The Federal Deposit Insurance Corporation

The Federal Deposit Insurance Corporation (FDIC) plays a role in insuring its member banks so that, in the rare event of a bank failure, depositors are covered for $250,000 per account holder, per ownership category, per insured institution.

However, the FDIC does more than this. It also supervises state-chartered banks that are members of the Federal Reserve. It this capacity, it oversees more than 5,000 banks and savings associations, and does the following:

•   Checks for safe and sound operations

•   Examines institutions to be sure they are complying with consumer protection regulations and laws.

A Brief History of Bank Regulation

America’s banking history has taken some twists and turns, as regulation has gone in and out of favor. Here are some key points in U.S. banking to consider:

•   In 1791, the First Bank of the United States was created, but its charter was not renewed in 1811. The reason? While the bank provided some stability to the new nation’s economy, people worried that it put too much financial control in the hands of the federal government.

•   State banks began to flourish and funded the War of 1812, but, with a large amount of credit being extended, the federal government stepped in again, chartering the Second Bank of the United States in 1816.

•   There were again worries that the federal government had too much power over the nation’s purse strings. In 1836, the Second Bank was dissolved.

•   An era of free banking emerged, without federal oversight or, in many cases, the need to have an official charter to do business. The federal government tried to rein this in with the National Banking Act of 1863; the OCC was formed to charter banks and ensure that they backed their notes with U.S. government securities.

•   The next few decades were a bit of a bumpy ride, with bank panics, such as the Panic of 1907, occurring. The Federal Reserve was created in 1913 to help bring order to the economy.

•   With the debilitating Great Depression, which began in 1929, new regulations were needed. The FDIC was formed in 1933 to help shore up the faltering economy.

•   More recently, after a period of deregulation, the government responded to the financial crisis of 2007 and the subsequent Great Recession. It passed the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, designed to improve accountability and financial transparency in America’s financial system.

•   In 2021, President Biden signed an executive order that charged federal regulators with improving their oversight of bank mergers, as part of a larger effort to increase competition in the country’s economy.

•   An example of financial regulation in action occurred in mid-March 2023, when the federal government stepped in as two banks faltered. The government even took the step of guaranteeing deposits over the typical FDIC insurance maximum of $250,000 per depositor, per ownership category, per insured institution.

Recommended: How Much Money Do Banks Insure?

Who Regulates Credit Unions?

Not everyone, however, keeps their accounts at a bank. There are other financial institutions, such as credit unions.

If you have an account (or multiple accounts) at a credit union, the institution that holds your money will be regulated at either the state or federal level. The National Credit Union Administration (NCUA) has oversight of federal credit unions. State-chartered credit unions are regulated by their state.

Also, credit union accounts can be insured by NCUA vs. FDIC. It’s NCUA that provides $250,000 coverage per depositor, per ownership category, per insured institution.

Who Regulates Savings and Loan Associations?

As of April 2025, there are 546 savings and loan associations (sometimes called “thrifts”) operating in the U.S. While these financial institutions used to be federally regulated by the Office of Thrift Supervision (OTS), that bureau ceased to operate in 2010.

Now, savings and loans are regulated by the OCC and the Fed. These organizations are tasked with ensuring the thrifts are following the applicable laws and operating safely and soundly.

How Do I Know Who Regulates My Bank?

If you are curious about how your own bank is regulated, you can use the FDIC BankFind tool and/or the OCC’s search tool HelpWithMyBank.gov.

If you don’t get the answer you are seeking there, you can call the OCC Customer Assistance Group at 800-613-6743 for further assistance.

The Takeaway

Banking regulation helps keep our financial institutions safe and sound and compliant with the appropriate laws. It also helps protect our economic stability and consumers’ deposits.

Several agencies are involved in banking regulation, such as the Fed, FDIC, OCC, and NCUA. While they rarely need to take action such as overseeing a bank closure, it can be wise to know who they are and how they function. This can help you feel more secure about your bank account.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

How do I know which agency regulates my bank?

The agency that regulates your bank will likely depend on the kind of bank that holds your money: The Office of the Comptroller of the Currency (OCC) oversees national banks and federal savings associations; the Federal Reserve (the Fed) regulates some state-chartered banks, certain nonbank financial institutions, bank and financial holding companies, and foreign banking organizations; and the Federal Deposit Insurance Corporation (FDIC) supervises state-chartered banks that are members of the Federal Reserve.

To help find out who regulates your bank, you can use the FDIC BankFind tool and/or the OCC’s search tool HelpWithMyBank.gov.

Does the FDIC regulate banks?

The FDIC regulates state-chartered banks that are members of the Federal Reserve. In addition, an array of banks are insured by the FDIC. This means that clients’ accounts are insured for $250,000 per depositor, per ownership category, per insured institution.

What level of government regulates banks?

Banks are typically regulated by the federal government, with the Office of the Comptroller of the Currency (OCC), the Federal Reserve (the Fed), and the Federal Deposit Insurance Corporation (FDIC) overseeing many banks. State-chartered banks may also be regulated by their state’s agency.

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SOBNK-Q325-010

Maybe you are heading up the California coast to visit Yosemite, or perhaps there’s an out-of-town wedding coming up that you can’t miss. You may be wondering whether it makes more sense to drive to your destination or fly and which is kinder on your wallet. There are a variety of factors to consider, such as how quickly you need to get where you are going; how expensive airfare is vs. a rental car and hotel room; and more.
So before you start booking flights for a getaway or thinking about tuning up your car for a roadtrip, take a look at whether it’s cheaper to fly or drive. Here’s how to size up the cost.

Pros and Cons of Driving vs Flying

It can be easy to assume that the main benefit of flying is saving time and the main advantage of driving is saving money. However, it’s not quite so simple. In fact, the pros and cons of driving vs. flying depend on the type of trip you’re taking, your priorities, and your personal preferences. Here’s a look at some of the factors worth weighing.

Pros of Driving

As you’re thinking about driving vs. flying, there are plenty of good reasons to get behind the wheel rather than head to the airport.

•   When it comes to the “is driving cheaper than flying” question, the answer is often yes! It can be significantly cheaper to travel by car than by air, especially if you’re going with a large group of people. After all, six people flying to Vegas will each need their own ticket, but they can all pile into the same minivan.

•   Also, will you need a car when you get to your destination? If you’re going to, say, spend a week at a national park that’s a two-hour flight from home, it might be less costly to drive there. That way, you don’t need to rent a vehicle as well as buy plane tickets so the money you need to save in a travel fund could be a lower amount.

•   When considering the flying vs. driving conundrum, it’s worth noting that traveling by car can have other benefits beyond saving money. You can easily indulge in some sightseeing. Traveling by car offers flexibility so you can see the sights you want, whether that’s a quick detour through a national forest on your way across the country or planning a route that takes you from the Air and Space Museum in Washington, D.C., to the National Blues Museum in St. Louis, to the Buffalo Bill Museum in Colorado. You can have fun and create memories while saving money on family travel too.

•   Driving also means you can more easily access any type of food your heart desires, not just what’s available in the airport. Some people even plan their road trip routes to go through foodie cities — whether that means enchiladas and sopapillas in Santa Fe or pierogies in Pittsburgh — around dinner time to take advantage of local restaurants. (Of course, making smart choices about where to stop and what to order is one way to save money on a road trip.)

•   Driving is likely more comfortable than being constrained to an airplane seat. If you’re six foot six and aren’t interested in spending five hours with your knees touching your chin, you might be more inclined to ride out a trip in the car — where you can stop to stretch as often as you need.

•   If you’re traveling with a pet, such as a large dog, a car could be more comfortable for both of you as well.

One other benefit? Science shows us that the anticipation that builds in advance of a trip may lead to a happiness boost before the trip and could even help you enjoy the vacation more. That means that a long drive to get to your vacation destination might make the trip even sweeter when you finally do arrive.

Cons of Driving

Let’s be honest, though: When thinking about driving vs. flying, hitting the road has its downsides, too, however.

•   One of the more significant disadvantages, of course, is that you can’t just sit back and relax while you’re driving — you’re the one responsible for making sure the car gets there safely.

•   It also can take more work to plan a trip, as you have to choose what route you’ll take, where you’ll stay, and whether you’ll be hitting drive-throughs from California to New York or making reservations at noteworthy restaurants along your route. If you don’t do that prep work, you may end up piling into any motel you can find and grabbing food at any dingy rest stop. Nothing like driving for hours with greasy fast-food bags stinking up your car with stale french fry smell, right?

•   There’s also the consideration of the cost of gas and wear and tear to your car — though there are, of course, steps you can take to increase mileage and save money on gas. When you get on the road, you are risking a flat tire or worse, so it’s worth thinking about how you’d handle a roadside emergency. You also need to bring your A game and alertness for a long-haul trip.

•   And we can’t forget one of the main reasons many people choose to fly vs. drive: it takes a whole lot longer to drive than to fly. Think about cruising cross-country by car versus hopping a red-eye from Los Angeles to New York: One takes days, the other takes hours.

Pros of Flying

Booking a plane ticket is often the best option when deciding whether flying vs. driving is the best way to travel.

•   It’s faster — a whole lot faster! If you’re taking a business trip to attend a crucial half-day meeting in another city, your highest priority might be the speed of flying in and out. That time-saving advantage is one of the biggest pros when it comes to choosing to fly. A trip that could take days of driving might only take hours in the air.

•   Air travel can be more relaxing. You’re free to close your eyes and snooze away the hours until you arrive at your final destination. There’s no question of what route to take, where to stop, and when you’ll leave and arrive — the airline has that all figured out for you. You can take off from New York and wake up in L.A. ready to roll, without the exhaustion of a multi-day road trip holding you back.

•   Flying can be cheaper than driving. How, you ask? If your road trip involves an overnight stay at a hotel, it might tip the car travel into more expensive territory. Plus, you’ll save money on eating out. The driving vs. flying cost might wind up surprising you!

Cons of Flying

Of course, there are downsides to flying to consider.

•   You’ll pay a premium in exchange for a speedy arrival and the convenience of flying. It is often more expensive to fly than to drive — possibly a lot more expensive. And if you are traveling with your squad or family, that price differential will be magnified.

Sometimes, on short flights, the time differential between flying and driving isn’t that much. If you’re thinking of taking a 60-minute flight versus a five-hour drive, it might be a wash when you think about getting to the airport, going through security, waiting to board, retrieving your luggage…you might actually be better off driving in terms of time invested.

•   You might also have to sacrifice a little personal space and dignity when flying. Airplane seats can be a tight squeeze, and more and more people are packed onto flights. This means that you can pretty much count on being kind of uncomfortable while you engage in a silent but cutthroat battle with your seatmate over who gets to use the single armrest.

•   And if you’re a nervous flier, the anxiety of air travel might outweigh the benefit of getting to your destination sooner.

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

Is It Cheaper to Fly or Drive?

For many people, the factor of whether it’s cheaper to fly or drive will determine how they travel. While you may be tempted to merely compare ticket prices to gas prices to decide which one is cheaper, don’t forget to take into account extra costs like eating out, luggage fees, and hotel rooms. These can wind up emptying out your checking account rather quickly! Let’s break this down for you in a bit more detail.

Calculating the Cost of Driving

Here are a few travel costs of driving to consider:

•   Gas

•   Hotel rooms

•   Eating out

•   Car maintenance

•   Possibility of having to rent a car if you don’t own one or yours isn’t available

•   Tolls

Hotel Rooms

There is of course a huge price spread in hotel rooms. If you are going to stay in a motel when driving, it will be much more affordable than pulling into a city and staying at a posh hotel where even parking your car can be a considerable expense.

Maybe, however, you could use points from your rewards credit card to book a room, or perhaps you are a frequent guest at a hotel chain and could bring the cost down. These are among the many ways to lower hotel costs.

Opportunity Cost of Time Spent Driving

Another thing to consider is what you lose if you spend more than, say, a day driving. Do you have to take unpaid time off from work? Do you need to hire childcare since your kids are in school while you’re away? Think through the implications before you opt for a long haul on the highway.

Calculating the Cost of Flying

Now, think about the costs associated with flying:

•   Ticket

•   Seating choice

•   Luggage fees

•   Eating out

•   Transportation to and from the airport

•   Airport parking

•   Car rental, if needed

Rental Cars

The cost and availability of a rental car can vary tremendously. If you are renting a car in a small suburb, it likely won’t cost as much as hopping into the driver’s seat over Memorial Day weekend at a major city’s airport. Your destination city, location of car pickup and dropoff, size and style of car, and timing will all matter.

You can scan what rental company or credit card rewards might lower the price if you need to rent a car after a flight.

Accessing Remote Areas

Another factor to consider is where you’re heading to. Not all locations are easily and affordably accessed by plane. For instance, if you are heading to a destination wedding in the Rockies over the summer, you may find that the direct flights that were plentiful and lower-priced during ski season have become sparse, booked-up, and pricier than you expected.

Or you might find that the closest airport is hours away from your destination, so you will be renting a car and driving anyway. That could tip the balance and lead you to decide to drive the whole way vs. flying.

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A Rule of Thumb for Deciding Which Saves You More Money

As far as rules of thumb, some say for trips of around 600 miles or shorter, it’s wiser to drive.

For longer trips, the value of driving will decline as the distance increases, unless of course you want to experience the pleasures of a road trip and stop off at some other places en route.

Obviously, there are also such variables as whether you are traveling a common and readily available route, such as from New York, New York, to Orlando, Florida, or if you are covering ground between two Western US locations that have infrequent and expensive flights.

Luckily, in this day and age, you don’t need a map and a calculator to figure out which transportation method will be more cost-efficient. You can easily use an online calculator like this one from Travelmath or this
one from BeFrugal to get an idea of how travel costs may compare whether you are driving or flying. Technology is here to help you make the best choice for whatever trip you may be planning. Bon voyage!

SoFi: Better Banking at Home and on the Road

Technology isn’t just making travel-planning better; it’s improving banking too. And at SoFi we use it to bring you smart, seamless, and super-simple ways to manage your money.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

Is driving cheaper than flying?

Driving typically costs less than flying, but if you wind up needing to pay for lodging en route, it might not be as good a deal. You can use online tools to compare driving and flying costs for different itineraries.

How much more expensive is flying than driving?

Flying is typically more expensive than driving, but it’s important to consider other factors. For instance, if you fly to your destination, will you then need to rent a car? How far are you traveling? Driving is typically more economical for shorter distances, while flying is often cheaper for longer trips. It can be helpful to use online tools to compare costs and find the best deal for the particular itinerary you have planned.

Is it more energy-efficient to fly or drive?

In recent years, studies have indicated that flying may be better than driving. However, the answer to this question depends on how many people are in your party. When multiple people share a road trip, the emissions per person are lowered. This, in turn, makes driving more environmentally friendly than taking to the skies. But if the choice is flying or driving cross-country solo, you’d be better off with the plane.

Should you drive 5 hours or fly?

If you drive five hours at 60 miles per hour, you will cover about 300 miles. That is considered a fairly short trip and so from a cost perspective, you may well be better off driving.

Is it better to drive 12 hours or fly?

If you drive 12 hours at 60 miles per hour, you will cover about 720 miles. That’s a significant distance, and it will deprive you of a day and a half of productive time, whether that means earning money or taking care of your family. Only you can assess which option makes more sense, based on cost, scheduling, and other factors.

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. 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.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.

¹SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

^Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

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.

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

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

SOBNK-Q325-004

In general, it’s a good idea to keep bank statements for at least one year. If they contain any tax-related information, however, you may want to hold them for at least three years, and possibly as long as seven.

Here’s a closer look at how long you should keep bank statements, why you may want to keep them around, and how to store them.

What’s in a Bank Statement?

A bank statement is a document created by your bank that summarizes the financial activity in your account, such as your checking account or savings account, over a specific period, typically a month. It serves as an official record of all transactions, including deposits, withdrawals, and fees, and provides the beginning and ending balances for the period.

Information you’ll find on your bank statement can help you manage your bank account and may include:

•   The statement period dates

•   Personal details such as your name and bank account number

•   Interest earned and the applicable APY (annual percentage rate)

•   Any fees charged during the reporting period

•   Deposits, withdrawals, and transfers

•   Starting and ending balance

The purpose of a bank statement is to help you understand exactly what is happening with your bank account and keep track of what is going in and coming out.

How Do You Receive Bank Statements?

You may have the option to receive paper or electronic bank statements.

With paper bank statements, your financial institution will mail you a copy each month, or you can head to your local branch (if you have the option) and request one. If you sign up for electronic statements (or e-statements), the bank will typically send you an email notification that your e-statement is available, along with a link to access it securely through their online banking platform.

Whether you receive paper statements or opt to go paperless, you can typically access your current and previous bank statements any time by logging into your online account. You can simply look at the statement online or you can opt to download a copy to your computer.

Recommended: What Is a Debit Card?

Benefits of Keeping Bank Statements

You generally want to keep your bank statements going back at least 12 months, and possibly longer. Here’s a look at why it’s a good idea to keep them around:

Refer to Them at Tax Time

You want to be sure you have accurate numbers when it comes to filing your taxes, and having bank statements makes it easier to do your calculations. It can be especially helpful if you’re self-employed and are reporting income and business expenses.

Though you may not need to hang onto your bank statements after 12 months, it may make sense to hold onto them for three years (or even up to seven) in case you need information so you can file an amended tax return or in the event that you get audited. In fact, there are IRS guidelines on how long you should hang onto your bank statements depending on your financial and tax scenario.

Provide Proof of Payment

You can use your bank statements to track any payments you’ve made in case there are any issues. For example, if your lender believes you missed your monthly mortgage payment, you can provide them with a copy of your bank statement to show the transaction went through.

Or if you’re unsure whether your employer paid out your semiannual bonus, you can look at your bank statement to make sure they did. If not, you can show this documentation when you contact your payroll department.

Some lenders for various loan applications may also want to take a look at your bank statements to verify your income.

How long you should keep your bank statements for this specific reason is up to you. Keep in mind that banks are legally required to keep customers’ statements for at least five years, but many keep them for longer. It’s a good idea to ask your bank how long they hold onto your statements. If you want to hang onto them for longer, it’s best to download or save a copy for your own records.

Spot Fraud or Identity Theft

If you’re concerned about fraudulent transactions or just want to keep an eye on your bank account, regularly reviewing your bank statements gives you insights into your account. It can help you spot any suspicious activity. The sooner you can see these types of transactions, the sooner you can report them to your bank and get matters resolved.

Recommended: How Many Bank Accounts Should You Have?

Where to Keep Bank Statements

Where to keep bank statements will depend on whether they are paper or digital:

Paper Bank Statements

You’ll need to find physical space if you want to store paper statements. Depending on how many bank accounts you have, you might use an accordion file with a pocket for every month of the year, or you might use a single filing folder for each year. Either way, keep these folders in a safe, out-of-the-way place where they will be protected from damage or theft.

Electronic Bank Statements

Electronic statements don’t require as much physical space, which can be an advantage of online banking, but you will need some type of system for storing them. You might create one main digital folder on your computer or cloud storage service for your bank statements, the set up subfolders for each year. This can make it easy to find the right documents when you need them, such as during tax season or should you ever get audited by the IRS.

What to Do With Older Bank Statements

If you no longer need your bank statements, you’ll want to dispose of them safely and securely. That’s because they contain sensitive information that you don’t want going into the wrong hands.

Shredding Your Documents

You can shred your documents to protect your sensitive information by either purchasing your own shredder or heading to your local office supply store and paying for professional shredding. (Some communities may offer free paper shredding days throughout the year.)

Completely Delete Electronic Copies

If you have electronic copies, make sure to delete them from your computer and any backup sources. Check your computer’s trash bin or other folders to ensure they’re completely wiped from your device.

The Takeaway

Keeping bank statements is an important part of your overall financial health. It can help you with tasks such as accurately filing tax returns and providing proof of payment. Whether you keep hard copies or electronic statements securely, they can enhance your personal finance management.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

How many months’ worth of bank statements do you need to keep?

It’s generally recommended that you hold onto your bank statements for 12 months. If the statements contain any information related to your tax returns, it’s a good idea to keep them for at least three years and possibly as long as seven years.

Is it OK to throw away old bank statements?

You can get rid of old bank statements that you no longer need. However, you want to dispose of them securely (often by shredding them) since they contain sensitive information.

Do banks destroy records after 7 years?

Banks are legally required to keep records for at least five years, but some may hang onto them for seven years. If you’re unsure, contact your bank to find out how long they hold on to your statements before destroying them.

Photo credit: iStock/fizkes

SOBNK-Q325-023

Many of us have at least one relative or friend who is struggling financially. Should you step in or let them ride out the storm on their own? With consumer debt at an all-time high (as of May 2025), advice and assistance can be a welcome prospect. But it’s important to think carefully about how exactly to extend an offer.

Should you offer cash? Strategies for better money management? A link to a personal finance podcast you love?

Maybe the person will be embarrassed or insulted if you offer money. Perhaps they would feel more comfortable with moral support or meals and childcare rather than a cash infusion. Gauge what your loved one needs and will accept. If you are planning on loaning them a bundle of cash, you’ll have to be clear that you’re not gifting them the money free and clear and establish reasonable repayment terms.

Here’s guidance on how to help someone budget their money and rise above financial struggles.

Why Helping With Finances Can Be Difficult

We get by with a little help from our friends, to paraphrase the Beatles’ lyrics. But knowing when and how to assist in a financial crisis is often tricky. Most people want to be better at managing money, but achieving that can be a challenge.

Money mismanagement often runs deep. It may have been established when the person watched their own parents spend in a flurry and then not be able to pay bills on time.

The issues could also stem from clashing money mindsets between spouses, a failed business startup, job loss, crushing medical debt, or the difficulty of setting money aside when raising a family. The list goes on and on.

💡 Quick Tip: An online bank account with SoFi can help your money earn more — up to 3.60% APY, with no minimum balance required.

The Effects of Financial Stress

Money worries can affect life in many ways. Be sensitive to these signs of financial stress; they can reveal that a person is struggling even when they don’t come out and say so.

•   Depressed attitude: Maybe the burden is so heavy that your friend can’t get out of bed in the morning or fall asleep. Perhaps they no longer participate in their usual activities.

•   Poor health: Not being able to afford grocery, utility, and housing bills can sometimes take a toll on physical and mental well-being.

•   Phone avoidance and isolation: Constant calls from debt collectors can lead to high anxiety and even shame. Your friend may isolate themselves. It’s hard to hear terms like “broken promises” from a mortgage company or to be told by a car leasing company that your vehicle will be towed from your driveway. Ouch.

•   Shrinking self-confidence: Even job loss due to across-the-board staff downsizing can feel personal, making it hard to stay confident about future career goals.

•   Mourning a former lifestyle: When someone has to step down to a smaller car or apartment or can no longer afford to eat out or help pay for their kids’ colleges, life might feel lackluster and the future may look bleak. It can be hard to remember that good health and family/friends are most valuable, and funds will likely follow.

15 Tips for Helping Someone Struggling Financially

These steps can offer immediate as well as long-lasting relief to someone in a cash flow crisis.

1.    Give money free and clear. Some finance coaches say a clear one-time cash gift can be best, if you can afford it, rather than extending a loan you expect to be paid back. This way, your friend won’t feel indebted to you. Loans might bring up a minefield of problems, including resentments about how the recipient can afford a vacation (or dinner out or new sunglasses) when the debt is still unpaid.

2.    Teach your friend to budget. If you know how to help someone make a budget, you have the golden toolkit. With luck and commitment on your pal’s part, your time and effort will repay itself again and again, as they navigate inevitable ups and downs. Remember the old proverb: “Give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime.”

3.    Share smart finance apps. To teach your friend ways to manage money better, you might explore some budgeting apps (such as YNAB, Goodbudget, or PocketGuard) together. The monthly investment to use these apps ranges from zero to $14.99. You might gift them a year’s subscription.

Another option: Coach them on the tools their financial institution offers. Many banks offer free tools that help with expense tracking and other aspects of budgeting.

4.    Help set healthy “helping” boundaries. Does your sister still pay the cell phone bill for her grown son, now a husband and father? Is it him or is it her who’s enabling him and holding on to the past? Talk it out.

5.    Provide information about financial support groups. Your loved one may need help with a spending problem or could perhaps use guidance when creating a debt reduction plan. The Debtors Anonymous program, for example, offers help via meetings, literature, and support. But remember to share the idea, and then leave it alone for your friend to pursue vs. nagging.

6.    Find free workshops. Many libraries, churches, and community centers offer no-cost events for job seekers or on topics like how to organize your finances. These networking opportunities tend to be less overwhelming than packed job fairs.

7.    Suggest a consolidated debt management plan. Debt management plans (DMPs) can condense several unsecured debts into one monthly payment that generally helps someone pay off debt faster and experience less stress. Most legitimate companies offering this service are nonprofit consumer credit counseling agencies; they work with businesses to reduce interest rates or waive fees. DMPs don’t shrink debt, but restructure it. (Experts say it typically takes three to five years to pay off debts this way.)

8.    Introduce money management software. Programs like Quicken can help with building a financial plan on a laptop or PC by categorizing expenses, simplifying tax prep, and more.

9.    Open up about your money past. People tend to feel less alone when they know others have traveled the same rocky path. Talk about any money issues you’ve faced in the past, the fear you experienced, and how you turned your finances around. Don’t forget details like how bored you got with ramen noodles.

10.    Help with a LinkedIn profile. Seeing one’s career accomplishments listed all in one place can be a confidence boost. Assist with a great photo (maybe even pay for a headshot session), attaching links, and reaching out to connections.

11.    Give a gift card toward financial essentials. A gift card to the grocery store or gas station is always welcome and is not too sweeping a gesture to overwhelm someone.

12.    Find out the cost of mental health support. Your friend might really need it now but think they can’t afford it. Offer to call their health insurer regarding coverage and/or co-pays for therapy and psychiatry.

13.    Gift a new interview outfit. Is your loved one job hunting? New clothes can be a major confidence boost, and you could offer to pay for that, right down to shoes. Looking like a million bucks often matters, and shopping together is fun.

14.    Listen. In good or bad times, people often just want to be heard. Letting your friend share their concerns can help them process their emotions, gain a new perspective, and feel less alone.

15.    Offer family support. Drop off a home-cooked meal, have a pizza delivered, or watch the kids for an evening.

💡 Quick Tip: Want a simple way to save more everyday? When you turn on Roundups, all of your debit card purchases are automatically rounded up to the next dollar and deposited into your online savings account.

Things to Avoid When Trying to Help Someone Financially

Some offers of assistance may not be as helpful as you would hope them to be. Here are some steps you may want to avoid when considering how to help someone with financial problems.

1.    Extend a personal loan. This turns a personal relationship into a business one and could potentially lead to losing a friend or creating a family rift.

2.    Hire a friend or relative to work at your business. What if the job doesn’t work out and you wind up firing them? Yes, it’s a worst-case scenario, but if it happened, then seeing them could be painful and awkward for years after. This wound could take years to heal, if it can even be repaired.

3.    Prevent young people from learning a vital lesson.. Did your adult child run up credit card debt splurging at the mall? Don’t rush in to save them too quickly. Maybe they need to learn a life lesson, by taking the time to pay off the balance on their own.

4.    Give something with strings attached. This means it’s wise not to extend IOUs. This manipulative tactic can prey upon someone at a vulnerable time. For example, you might not want to offer someone a place to crash with the condition that “I know you will help me and my family out if this ever happens to us.”

The Takeaway

With factors like inflation and high credit card interest rates, financial struggles can be very real and create significant stress. If someone close to you is struggling financially, there are plenty of practical and graceful ways to help, from a no-strings cash gift to financial advice. This type of support can help ease your friend’s or relative’s money worries while empowering them to take concrete steps toward financial stability.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

What are the downsides of helping someone with financial problems?

The downsides of helping someone who is struggling financially are that you may wind up having less money yourself, you may extend help that isn’t paid back promptly, or your friend may feel shame or embarrassment over accepting your assistance.

Is there a time when you should say no to helping someone with financial problems?

Some financial experts caution against bailing someone out if there is an important lesson to be learned. For example, if your friend books a fancy island resort hotel for a week and then cannot swing their household bills, they may be better off learning how to budget and plan than having you provide an infusion of money.

How can I find the time to help others with their finances?

Helping others with their money problems does not have to take too much time. It may be as simple as blocking out a couple of hours to give a budget lesson or making a coffee date to discuss financial software programs and money apps. If someone is struggling financially, you can also offer quicker comforts, such as a grocery or gasoline gift card.

Photo credit: iStock/baona

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. 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.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
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.

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