Mother with child on floor

8 Key Frugal Tips

Living frugally means spending less than you earn; it can involve elements of simplicity and eco-friendliness.

You already know the advice about not signing up for every streaming platform under the sun and not having a fancy coffee every day. Fortunately, living a frugal life doesn’t have to feel like you must sacrifice your favorite things. By adopting some basic money-saving moves, you can stash cash without much effort.

Read on to learn eight easy tips that will help you streamline your spending and perhaps enjoy more peace of mind.

Key Points

•   Living frugally involves spending less than you earn, incorporating simplicity and eco-friendliness.

•   Reforming fixed expenses can lead to significant savings without drastic lifestyle changes.

•   Enhancing grocery shopping strategies, like choosing discount stores and using coupons, can reduce food costs.

•   DIY maintenance and repairs on household items can save money over time.

•   Enjoying free entertainment options and traveling frugally can enrich life without high costs.

8 Essential Frugal Living Tips

Here are eight tips on how to be more frugal and save money — without giving up all the fun and the little rewards in your life.

1. Reform Fixed Expenses

Regardless of what specific items might appear on a budget, they all come in two general varieties: fixed expenses vs. variable expenses.

Fixed expenses are, as the name suggests, those bills that are fixed and consistent each month, such as rent, insurance payments, and student loans. Variable expenses, on the other hand, are those whose amounts aren’t fixed… but that doesn’t mean all variable expenses are optional (or “discretionary”). For example, your electric bill probably varies from month to month, but you still know you’re going to have to pay it.

Let’s hone in on those fixed expenses first, though — because cutting down on regular, consistent costs can lead to regular, consistent savings. There are a variety of ways to do this, some more radical than others.

For example, moving to a less expensive neighborhood or splitting bills with a roommate might cut your rent in half; deciding to forgo a car can eliminate not only the car payment and insurance cost, but also variable expenses like parking, maintenance, and gas. These kinds of global lifestyle changes can take a lot of effort to set up at the start. However, the payoff is months or years of significant savings without too much ongoing effort.

However, there are plenty of ways to cut fixed expenses without making such seismic shifts to daily life. For instance, switching to a less expensive cell phone carrier can lower the monthly burden, as can ditching a gym membership in favor of hiking or cutting back on streaming service subscriptions. (Even those low per-month amounts can really add up when there are three or four of them!)

Recommended: Building a Line Item Budget

2. Gear Up Your Grocery Game

Groceries count as a variable expense, but they’re certainly not optional. That said, there’s an incredible margin for savings when it comes to stocking up on food each month.

So how to go about saving money on food and other grocery store items?

•   One easy way to start is to choose discount grocers and chains that are known for their low prices. Aldi, Lidl, Trader Joe’s and WinCo, for example, all have well-founded reputations for their frugal choices, particularly when compared to upscale grocery chains like Whole Foods. Shopping at a cheaper store can take some of the footwork out of saving; you may be able to spend less on the exact same grocery list. But it’s also possible to take the project even further.

•   Coupon clipping might not be the most glamorous activity, but those deals can create substantial savings, particularly for practiced couponers. These days, apps like Ibotta and Checkout 51 make it easy to score savings on the items you’re already shopping for.

•   Additionally, aiming to make cheaper meals can stretch each grocery store dollar even further. Relying on inexpensive staples like rice, which can be dressed up and filled out in many different ways, can help keep both bellies and wallets full.

3. Decide to Do It Yourself

Buying things is one thing. But maintaining them is a whole ‘nother can of worms — and it can be a downright expensive one. For instance, going in for an oil change vs. doing it yourself can be a pricey undertaking. And calling in a plumber when the sink or toilet is clogged can be expensive compared with going into DIY mode.

All of which is to say: honing some handiness skills could easily help save money over the course of a lifetime. And thanks to the fact that we live in the digital age, it’s relatively easy to become a Jack or Jill of all trades. YouTube is full of free video tutorials that can walk you through everything from fixing a dishwasher that won’t drain to rotating your own tires.

Other high-cost services to consider DIYing: mani/pedis, facials, pet grooming, landscaping, moving, and more. Basically, anytime you could spend money on hiring a professional, think seriously about whether you actually need the help.

Recommended: Pros and Cons of Online and Mobile Banking

4. Enjoy Free Entertainment

While some events are worthy splurges — like a once-in-a-lifetime concert — it’s also important to consider all the free forms of entertainment at our fingertips. For example, your local library may offer streaming movies along with books and audiobooks (or try services connected to libraries, like Kanopy and Hoopla), and many museums offer cost-free admissions on specific days of the week or month.

Even the national parks offer free admission from time to time. Free national park entrance days vary slightly from year to year, but generally include the first day of National Park Week in late April and National Public Lands Day, which falls on the in late September, along with Veterans Day and the birthday of Martin Luther King, Jr.

5. Take Frugalism With You Wherever You Go

Speaking of national parks: Travel is another big ticket item as far as discretionary expenses are concerned. Seeing the world can be enriching — and it doesn’t have to strip away all your riches, either.

Finding ways to be a frugal traveler, such as choosing budget-friendly destinations and scoring the cheapest flights possible, can mean saving money without sacrificing this major life experience. You might even try a home swap or being a house-sitter in a foreign country to make your journey as affordable as possible.

💡 Quick Tip: If you’re creating a budget, try the 50/30/20 budget rule. Allocate 50% of your after-tax income to the “needs” of life, like living expenses and debt. Spend 30% on wants, and then save the remaining 20% towards saving for your long-term goals.

Reuse and Recycle

The idea of reusing and recycling can go in many directions. It can mean buying a reusable water bottle and filling at home and at filling stations around town vs. buying pricey bottled water and contributing to the global single-use plastic problem.

It can mean offloading your gently used items (laptop, clothing, kitchenware) and making a little bit of spending money. It can mean also buying items from your local thrift shop or picking them up for free if you have a town swap spot.

Not only is this planet-friendly, but it can help your wallet, too.

7. Split the Cost

One good way to be frugal is to share the expenses of daily life. For instance, you might get a roommate or move in with a friend to take your rent down a notch. You and a friend might shop at warehouse clubs and split the mega sizes of food and enjoy the lower costs.

8. Use Credit Sparingly

It’s no secret that credit card debt is high-interest debt, and you likely don’t want to be wasting money on major interest charges. Follow your budget, and try to pay in cash or with your debit card whenever possible. Work hard to pay off your complete credit card bill every month so you don’t have snowballing interest.

💡 Quick Tip: Want to save more, spend smarter? Let your bank manage the basics. It’s surprisingly easy, and secure, when you open an online bank account.

Get up to $300 when you bank with SoFi.

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


Benefits of a Frugal Lifestyle

Need more encouragement and incentive to live frugally? Consider these upsides.

Eco-Friendly

When you live frugally, you often minimize waste. You plan your meals and don’t toss as many leftovers and unused ingredients as you would otherwise. You might walk rather than take an Uber. You might reuse shopping totes vs. paying for a bag every time you go shopping.

Save Money

Living frugally is all about saving cash. You can bring down such major costs as rent, food, utilities, and transportation when living this way.

You can also learn how to rein in your discretionary spending. Instead of spending a couple of hundred dollars on an arena rock-concert ticket, perhaps there’s great live local music at a town park or a local bar.

Pay Down Debt

When you live frugally, it can give you the means to pay down debt, especially the high-interest kind. That means more money is freed up to spend as you like and/or apply towards big-picture personal and financial goals.

Live on a Small Budget

Living frugally means you have a budget that is working and helping to keep your finances on track. You likely know your spending limits well, have a handle on your debt, and a clear plan to hit your longer-term goals. You don’t have loads of expenses and credit lines to wrangle. This can enhance your peace of mind.

Is Frugal Living Sustainable Over the Long Term?

Frugal living can be sustainable over the long term. Learning how to stick to a modest budget can help you live more minimally and avoid lifestyle creep (when your expenses rise along with your salary over time). By not always upgrading to a bigger house, fancier car, or more lavish summer vacation, you can enjoy the balance and security of frugal living.

What Does Frugal Mean for Your Money?

Here’s another angle on how being frugal can impact your money:

•   Adopting frugal habits and creating a savings plan can be ways to improve your financial health. Cutting back on day-to-day living expenses can mean more money set aside for retirement as well as major life milestones, like owning a home or having a baby.

•   One of the most important first steps toward frugality is getting organized, financially speaking. Having a budget and tracking your finances are valuable moves. How often to monitor your bank accounts is a personal decision, but a couple of times a week can help you see how your money is coming in and going out.

•   Living frugally can also mean more money goes towards realizing your long-term financial goals and building wealth. Whether that means saving for a child’s college education or for retirement, by cutting back on spending now, you can help ensure a better future.

The Takeaway

Living frugally can be a way to trim your expenses, stay out of debt, and put more money towards your personal goals and long-term financial aspirations. It also can be a lifestyle that simplifies your daily habits and respects the planet. With frugality, you may find that some of your money stress decreases, too.

It’s wise to find a banking partner who can help you manage your money well if you choose to live in this cost-effective and simple style.

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


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

FAQ

What does frugal actually mean?

Frugal means simple and inexpensive. So if you are living frugally, you are probably sticking to a budget, saving for future goals, and not indulging in too many luxuries.

What’s the best example of frugal living?

An example of frugal living could be someone who has roommates to share costs with, plans meals to minimize food expenses, grows some of their own produce, and walks or bikes when possible vs. using a car.

Why is frugal living more popular these days?

Frugal living is more popular these days for a few reasons. One is the importance of living in an eco-friendly way; others may be that with inflation still a factor and high interest rates, people are looking for ways to reduce their expenses and live more simply.


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


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

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

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

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

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

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


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

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.

SOBK0324014

Read more

8 Ways to Deposit Money into Someone’s Bank Account

There are times when you may need to get money to someone quickly and meeting in person isn’t possible. Or you may want to surprise someone with a monetary gift and have it show up as a deposit in their bank account.

Fortunately, there are a myriad of ways you can directly deposit money into another person’s account. The method you choose can depend on how fast you need to send the money; whether you want to deposit cash, a check, or a money order, or transfer funds electronically; and how much you’re willing to shell out for fees.

Read on to learn about how to deposit money into someone else’s account and more.

Key Points

•   Direct deposits into another’s account can be done using various methods, each with specific requirements and potential fees.

•   Mobile money transfer apps provide a quick way to send funds without needing bank details, just the recipient’s email or phone number.

•   Bank-to-bank transfers require the recipient’s account and routing numbers, with some banks offering services like Zelle for easier transactions.

•   Cash deposits at banks may face restrictions, especially if the depositor is not a customer of the bank.

•   Money orders and cashier’s checks are secure alternatives for transferring funds, ensuring the money is available almost immediately upon deposit.

How to Deposit Money into Someone Else’s Bank Account

1. Money Transfer App

A mobile money transfer app falls under the category of P2P transfers, aka peer-to-peer payments. There are many money transfer apps out there including Venmo, Apple Cash, Google Pay, PayPal, and Facebook’s Meta Pay. Here’s how they work:

•   These apps allow you to electronically send money instantly (or close to it) to someone else via your mobile device. Using one can be an easy and speedy way to transfer money into someone else’s account. It’s also extremely popular. A 2022 survey by Consumer Reports found nearly two-thirds of Americans use a P2P app to send people money.

•   To use a money transfer app, you first need to download it to your mobile device and then create an account. Once you do this, you’ll enter the payment source you want to use to fund the deposit. The choices include linking to your bank account, debit card, or credit card. After you do this step, you’re ready to send someone funds through the mobile money transfer app.

•   Typically, recipients also need to have an account with the same money transfer app in order for the funds to go directly to them. If you’re sending someone money through a money transfer app, you don’t need to know the payee’s personal or bank account information in order to make the transaction but rather their phone number or email address. This is how the person you’re sending money to will instantly know they’ve received the funds, based on their preference.

•   The recipient can have the money sent directly to their bank account, if they’ve chosen that option, or they may decide to have the money received on a prepaid debit card.

2. Bank-to-Bank Transfers

A bank-to-bank transfer, also referred to as an external transfer, is exactly what it sounds like. By visiting your bank, calling their customer service number, or through your bank’s website or mobile app, you can efficiently transfer money from one bank to another. Here are details on how they typically work:

•   Many banks offer customers an external transfer feature on their websites to click on in order to send money to an account at another financial institution. Your bank may have you verify your identity before completing the transaction. To do an external transfer to another person’s account at a different bank, you’ll need the recipient’s bank account number and their bank’s routing number.

•   One option for a bank-to-bank transfer is using a widespread online service called Zelle, which is used by more than 1,700 financial institutions in the U.S. With Zelle, you can send money to someone, regardless of where they bank. If your bank offers Zelle, all you have to do is log on to your account, enter the recipient’s email address or mobile phone number, and send the desired amount of money.

A payee already enrolled in Zelle will get the money directly deposited into their bank account, typically in minutes. When it arrives, they can then manage the checking account and move the funds if they like. If they’re not signed up, Zelle sends a notification alert anyway, explaining how they can register to receive their money easily and quickly.

•   Keep in mind that some banks charge a fee to do a bank-to-bank transfer and may impose limits on how much money you send at a time and how often you can do an external transfer.

Recommended: What Happens if a Direct Deposit Goes to a Closed Account?

3. Electronic Deposit Using a Website

Money transfer websites allow you to electronically move money into someone else’s bank account. PayPal, MoneyGram, and Western Union permit you to transfer money from your account to another person’s through their websites. (Worth noting: Walmart stores may offer the opportunity to send an electronic payment onsite, by MoneyGram, Western Union, or Ria.)

A perk of using these sites is it enables you to send funds without having to sign in to your bank’s app or website. The funds draw from your checking account, debit card, or credit card.

Get up to $300 when you bank with SoFi.

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


4. Making a Cash Deposit at a Bank

One of the most straightforward ways to deposit funds into someone else’s bank account is with cash. All you have to do is walk into the bank where the payee has an account and let the teller know you want to deposit cash into their account. You’ll need to provide the recipient’s name and bank account number.

However, whether or not you’re able to deposit cash into another person’s account will depend on the bank. Some large banks — including JPMorgan Chase, Bank of America, and Wells Fargo — have banned cash deposits from non-customers. Why? Handling cash, especially in large amounts, can signal fraud or other types of criminal activity, including money laundering. Before visiting the bank in person with cash in hand, check that the bank will allow you to do so.

5. Using a Money Order

A money order is another form of currency that can be used to deposit funds into someone else’s bank account. Money orders are a guaranteed payment because you prepay so it works a lot like cash.There’s no chance a money order will bounce and it will clear in someone’s account almost immediately. Here’s how it works:

•   You can purchase a money order with cash or a debit card at a bank, credit union, U.S. Post Office, check cashing outlets, some supermarkets, or national retailers, such as Walmart , 7-Eleven, and CVS.

•   On the money order, you’ll fill in the recipient’s legal or business name plus the dollar amount of the money order. Then, you’ll fill in your name, address, and sign the front of the money order on the line where it indicates Purchaser/Signer for Drawer.

•   Every money order comes with a receipt and a tracking number so you have proof you sent the money, in case there’s any dispute with the payee.

•   Generally, you can get a money order for up to $1,000, but the maximum can be lower depending on where you purchase it.

•   Be aware that you’ll likely pay a fee for obtaining a money order. Fees can range from under $1 to $10, depending where you go. Post offices and retailers charge less than if you go to a bank, though if you get the money order at the bank where you have an account, the bank may waive the fee. Cash and debit cards are the norm when buying a money order. While paying with a credit card may be possible, it may cost more.

6. Writing a Personal Check

You can likely deposit a check into someone else’s account. Unlike a cash deposit, which is harder to trace, a check comes from another account, so the bank knows from whom and where it came from.

As you would with a cash deposit, you’ll need to know the person’s account number in order to fulfill the transaction. Since a check can take a few days to clear, if you want the person to receive your money faster, it’s better to stick with some faster options, such as sending the money electronically or depositing cash.

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

7. Sending a Wire Transfer

Wire transfers are another way you can move money from one bank account to another. Here’s the scoop:

•   This method of sending payment can be done at banks, credit unions, or through such companies such as Western Union, MoneyGram, or Wise.

•   People tend to send money through a wire transfer when they want a fast deposit, the sum is large, or the funds need to go to a different bank than the sender’s.

•   Wire transfers are also often used for sending money internationally. To send a wire transfer, you’ll need the name of the recipient, their bank account number, and their bank’s routing number.

•   Wire transfer fees can range from $10 to $50, depending on whether you’re shifting money into a U.S. bank account or one in another country. Before you transmit money this way, make sure both your bank account and the payee’s account are both set up for wire transfers.

8. Getting a Cashier’s Check

Another option for directly depositing money into someone else’s account is with a cashier’s check. This type of check is an official bank check you obtain from the bank itself. It’s usually used for larger sums of money and is a guaranteed payment, since it’s paid from the bank’s own funds.

•   The process for obtaining a cashier’s check is easy. If you want to use a cashier’s check to make a deposit in another person’s account, you pay the bank the amount you want to send to the recipient and a teller or cashier will issue an official bank check for that amount. The payee’s name will be on the check in the ‘payable to’ section, so it can be deposited into their account.

•   Using a cashier’s check speeds up the time the receiver gets their deposit. Where a personal check can take a few days to clear, funds from a cashier’s check deposit are typically available in the third party’s account the next business day.

•   One caveat: You’ll most likely have to pay a fee for a cashier’s check, usually around $10 to $15. Some banks, though, may forgo charging the fee for account holders who meet certain balance requirements.

Recommended: Where to Cash a Check Without Paying a Fee

Direct Deposit into Savings vs. Checking

In general, you can make a direct deposit into someone’s savings account, just as you would their checking account. Someone may prefer you put money into their savings vs. their checking account so they’re less apt to spend it right away.

Before you go ahead and transfer funds into their savings, check that it’s okay with them. They may be restricted to a certain number of savings account withdrawals and transfers their bank allows per month. This could put them at risk of incurring extra fees if they exceed the permitted amount when using the money you put there.

Alternatives to Direct Deposit

There are other ways to give someone money without making a direct deposit into their account. Here’s some substitutes to consider:

•   Gift cards. Who doesn’t love a gift card? After all, gift cards are currency, and if it’s a Visa, Mastercard, or American Express gift card, they can be used virtually anywhere these cards are accepted. You can also purchase a specific gift card for a certain store if you know the recipient is a frequent customer. You might give gift cards usable at popular retailers such as Target, Whole Foods, Starbucks, Dunkin’, and Amazon.com.

•   Prepaid debit cards. These types of cards are purchased with a specific amount of money already loaded on it. Many of these cards come with a Mastercard or Visa logo printed on the front and look like credit cards. Similar to a gift card with these logos, you can use these cards at a myriad of places and even towards paying bills. Be aware that many prepaid cards can come with very high fees when activating the card, adding money, or using it at an ATM.

•   Hand them cash or a check in person. There’s nothing like giving cash or a personal check to someone in the flesh. Not only do you ensure they receive it, but if it’s an unexpected gesture, the look of joy and gratitude on their face can be extremely rewarding.

•   Pay it forward. Gift the gift of generosity by paying a loved one’s utility or credit card bill, or if you’re flush, a larger expense. You can make the payment to the bill payer directly as long as you know the person’s account number. You can pay by mailing a check, paying by phone, or through online billpay. If sending a paper check or paying with an electronic check, be sure to put the person’s name and account number for whom you’re paying in the memo section.

The Takeaway

If you want to make a direct deposit into someone else’s bank account, there’s no shortage of ways to go about it. Some of these various choices include sending a wire transfer, making a cash deposit at the bank, or using a mobile money transfer app. You can also go with some creative alternatives such as a prepaid debit card or surprising them by taking care of a bill they may have trouble paying.

If you’d like a bank account that makes transferring funds easy, consider opening and online account with SoFi. With our high yield bank account, you can manage your finances all in one convenient place, including sending money and making mobile deposits. Plus, you’ll earn a competitive annual percentage yield (APY) and pay no account fees, which can help your money grow faster.

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

FAQ

Does my name have to match the person I’m sending a direct deposit to?

No. When you deposit funds into someone else’s account, it’s their name and account number you’ll need.

Can you make an anonymous deposit into someone else’s account?

Yes, you can, though it depends on the method you choose. Making a cash deposit is especially easy to do without revealing your identity. Other methods though, such as a personal check or external bank transfer, can make it more difficult to stay anonymous since the source of where and from whom the funds come from will show up in the person’s transaction history. You may be able to pull off a secret deposit with a prepaid gift or debit card or using some mobile money transfer systems such as CashApp, PayPal, and Western Union, all of which may also allow the payer to remain a mystery donor.

Can you deposit money into someone else’s account at an ATM?

Typically, yes, an ATM or debit card permits you to move funds into someone else’s account as long as their bank account is linked to yours. It’s important to know even if the two bank accounts are linked, you’ll need to perform the transaction at one of your bank’s ATMs, not one that is out of the network. There may be some ATMs where you can’t do a money transfer, so check with your bank or on their website to find out which ATMs offer this function.


Photo credit: iStock/AlexSecret

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.

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

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

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

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

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

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


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.

SOBK0223031

Read more

What Is an ACH Payment and How Does It Work?

To put it simply, an ACH transfer moves funds electronically from one bank account to another. The three letters ACH stand for Automated Clearing House, which is a centralized system. You might think of it as Grand Central Station for the electronic distributions of funds. The ACH network could be how your paycheck appears right on schedule in your bank account thanks to direct deposit, and it may be how you send online payments to, say, your WiFi provider.

Key Points

•   ACH transfers electronically move funds between bank accounts via a centralized system known as the Automated Clearing House.

•   These transfers are integral for direct deposits from employers, government benefits, and online bill payments.

•   The ACH network was established in the late 1960s to reduce the overwhelming number of checks processed by banks.

•   ACH payments are typically faster and more cost-effective than traditional methods, often completing within one business day.

•   Despite their benefits, ACH transfers can have limitations such as transaction caps and potential fees for expedited services.

What Is an ACH Payment?

An ACH transfer is a convenient way to move money around, without using checks, credit cards, or other methods. It enables direct deposits from employers and government benefit programs, bill payments, and external fund transfers. What’s more, ACH transfers fuel person-to-person payments. Such providers as PayPal and Venmo use the ACH network.

As mentioned above, ACH stands for Automated Clearing House. But it’s not a bricks and mortar location. It is a network that financial institutions use to aggregate transactions for processing. This processing is then typically completed three times a day on every business day.

💡 Quick Tip: Make money easy. Enjoy the convenience of managing bills, deposits, and transfers from one online bank account with SoFi.

How Do ACH Payments Work?

Here, you’ll learn a little more about what is ACH, the history of ACH payments, and how they work.

History of ACH

The ACH network began in the late 1960s, when a group of U.S. bankers worried about the increasing number of checks being issued and cashed. They feared that rising numbers of checks would overwhelm the banking system, and they began to explore technological solutions.

•   In 1972, an ACH association formed in California to manage electronic banking transactions, with other regional ACH networks forming soon after that.

•   In 1974, these regional networks formed NACHA (the nonprofit National Automated Clearing House Association) to oversee and administer the ACH network. This organization creates and enforces how this network works, while the Federal Reserve and The Clearing House actually process the transactions.

•   In 1975, the Social Security Administration began testing direct deposit, which led to today’s widespread adoption. Approximately 99% of SSA’s payments are currently completed via direct deposit.

•   In 2001, online and phone payments via ACH became available, a key step forward to accelerating and automating banking transactions.

•   In the most recent year studied, ACH payments numbered more than 30 billion, and the total dollars transferred exceeded $77 trillion. These figures indicate how big a role ACH transfers play in global finance.

Get up to $300 when you bank with SoFi.

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


Categories of ACH

The ACH network processes bank transfers for both direct deposits and direct payments. Direct deposits usually include:

•   Paychecks

•   Government benefits

•   Tax refunds

•   Expenses that an employer is reimbursing an employee for

•   Annuity payments

•   Interest payments.

In terms of direct payments, the ACH network may process other transactions. What is an ach transfer can include:

•   Online bill payments from your bank account

•   Zelle®

•   PayPal, Venmo, and other P2P services.

Types of ACH

As you’ve already learned, ACH works both ways: incoming and outgoing payments can be processed via the ACH network.

ACH Credit

An ACH credit occurs when one party sends funds to another entity. A very familiar instance of this would be the way (if you are among the millions who have direct deposit) arrives in your designated bank account on payday. Your employer sent instructions, their bank transmitted funds to yours, and you received your money.

ACH Debit

An ACH debit, as you might expect, moves in the opposite direction. In this case, funds are pulled from one account and processed in batches to get to their destination. In the situation of a direct deposit paycheck, while the employee receives the ACH credit, the employer’s account gets debited.

Recommended: How to Calculate Savings Account Interest

What Is an Example of an ACH Payment?

You’ve just gotten the scoop on ACH credits vs. debits, but what is a specific example of an ACH payment? When Social Security payments get deposited in millions of Americans’ bank accounts monthly, that’s the ACH system at work.

Also, if you’ve set up an automated payment of a utility or other recurring bill, that may also be an example of an ACH payment in action.

Benefits of ACH Payments

So now you know what ACH transactions are and how they became so popular. Let’s look at their benefits to your daily life and banking.

•   Speed. They are quick and save you time running around with checks and the like. Plus, the transactions themselves can be fast. The transfers are typically completed within one day. There may be ways offered to speed up your payment, often for a fee (such as when PayPal or Venmo offers an instant transfer).

•   Convenience. It can be very convenient to have mortgage payments, utility bills, and other payments automatically deducted from a bank account. Or send money to someone via a P2P service. With ACH payments, as we noted, there’s no need to travel to the financial institution to pay the bills or to write a paper check and mail it in.

•   Low cost. ACH transfers are typically free and may even actually save you money. For example, a bank may offer a lower rate on a mortgage loan or student loan if you set up an automatic ACH funds transfer for your payments. (An exception may be when a financial institution charges a nominal fee to transfer funds to another bank.)

Downsides of ACH Transfers

There are a few potential disadvantages when it comes to using ACH transfers. Specifically:

•   Transaction limits. Some banks will limit how much money you can send by ACH transfer in a specific time period, or they might not accept international ACH transfers.

•   Penalties for too many transactions. If you are completing ACH payments from your savings account and that account has a cap on how many withdrawals you can complete per month, you could be penalized.

•   Timing matters. Not all banks send ACH transfers at the same time of day — meaning they may have a cut-off time for a transfer to be processed on the next business day. This might cause problems for people needing to pay a bill by a certain due date and/or time.

Security of ACH Transfers

You may wonder whether these electronic transactions are secure. An ACH transfer can in fact be more secure than many other payment methods.

•   The reality is that paper checks can always be lost or stolen. With ACH deposits or payments, you only need to provide bank information once, when the automated transaction is set up. Contrast that with writing a check every month and mailing it.

•   Regulations exist that protect consumers in the rare case of an electronic funds transfer negatively impacting their bank accounts because of fraud or error.

•   ACH payments are very safe because they go through a clearing house that has strict rules about confidentiality of information. In addition, ACH transfers typically have an extremely low rate of error.

ACH Transfers vs. Wire Transfers

When thinking about these kinds of transactions, you may wonder, “What’s the difference between ACH transfers vs. wire transfers?” A wire transfer is another method of electronically transferring funds, which means this system comes with many of the same benefits as ACH transfers bring.

Consider a couple of scenarios that highlight the potential differences:

•   Wire transfers may occur within one business day, with funds often available for use the same day. In many cases, though, a bank employee needs to review this largely automated process, so the funds may not be immediately visible in the recipient’s account — and international wire transfers may take more than a day.

•   ACH transfers, however, are processed in clearinghouses and banks in batches. The ACH system may sometimes provide same-day transfers and is increasingly moving towards this same-day benefit being available more often.

•   In general, a wire transfer cannot be reversed.

•   An ACH transfer, though, can be reversed in some situations.

•   A last but important point: ACH transfers are often free, while wire transfer fees can cost the person sending it up to $35 or more, and the recipient might have to pay a small fee, too.

Recommended: Can You Use Your Debit Card in Another Country?

The Takeaway

ACH transfers can speed and smooth your financial life, automatically depositing and withdrawing funds so you don’t have to deal with checks, cards, or the time it takes for money to clear. That’s why they are such a popular way to transfer funds, such as receiving one’s paycheck by direct deposit.

In addition to ACH payments, another way to ensure a smoothly functioning financial life is to partner with a bank account that offers convenient access and the tools you need most.

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


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

FAQ

How long does an ACH transfer take?

ACH transfers typically take a day, but they may take as long as three days.

What is needed for an ACH transfer?

To complete an ACH transfer, the following are needed: the name, routing number, and account number of the destination, whether the account is a business or personal account, and the amount of money to be sent.

How do I set up an ACH payment?

An ACH payment can be set up in a variety of ways. As a consumer vs. a business, you might use a payment app or see what forms of money transfers your bank uses. For instance, many use Zelle®. Or you could see if the prospective recipient of your funds (say, a utility company) offers an automated payment system, which might use the ACH network.

Can you send an ACH to a personal account?

Yes, you can send an ACH payment to a personal account. For example, if you use a payment app to send a friend money for your share of a dinner out that they paid for, you would likely be sending an ACH payment.


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


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

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

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

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

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

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


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

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.

SOBK0124010

Read more
Cardless Withdrawals: How to Do It

Cardless ATM Withdrawal: What It Is and How It Works | SoFi

A cardless ATM allows you to withdraw cash from your bank account without using a debit card. While these ATMs may look like regular ATMs and still have a slot to insert a debit card, they have the technology to identify an account holder without a debit card. To get cash without a debit card, you generally need a smartphone, the bank’s app, and a checking account that supports cardless cash.

Key Points

•   Cardless ATMs allow cash withdrawals without a debit card, using a smartphone and the bank’s app.

•   These ATMs may use QR codes, NFC, or biometrics for user identification.

•   Users can schedule withdrawals in advance through their bank’s app, enhancing convenience.

•   Cardless transactions offer the same options and rules as traditional card-based ones, including withdrawal limits.

•   The technology provides increased convenience and security but requires access to compatible ATMs and possibly a newer smartphone.

What Is a Cardless ATM?

A cardless ATM is similar to a regular ATM except it allows you to withdraw cash without using a debit card. You can do the same things you can with a card, like get cash and find out your account balance. Cardless ATMs display a distinctive contactless sticker, to make them easy to identify. Otherwise they look and perform like regular ATMs.

💡 Quick Tip: Typically, checking accounts don’t earn interest. However, some accounts do, and online banks are more likely than brick-and-mortar banks to offer you the best rates.

What Is a Cardless Withdrawal?

Thanks to technology, you can often withdraw money from an ATM without a debit card and instead use your cell phone. This is good news for those who don’t like to carry around cards or would rather not have to search through their wallets to find the right card when they get to an ATM.

Cardless withdrawal allows you to use an app to get your cash. Cardless ATMs use different types of technology (such as QR codes, NFC, and biometrics) to securely identify an account holder and dispense their cash without the presence of a debit card. Below, we’ll take a closer look at how exactly this works.

Recommended: 12 Mobile Banking Features

Get up to $300 when you bank with SoFi.

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


How a Cardless ATM Withdrawal Works

How to do a cardless withdrawal? First, you’ll need an ATM that has cardless access and a bank account that allows cardless cash. Then, you’ll follow these steps.

Withdrawals With a Cardless ATM App

With your phone, you initiate a withdrawal using your bank’s mobile app. There’s variation in how these apps work: The bank may send you a code to plug into the ATM or one that you can scan at the ATM. Either way, you need to press the cardless ATM acceptance mark. You’ll then be prompted to enter a code or scan the QR code on the ATM screen.

Next, you’ll see if any ATM fees are associated with the transaction. Then, you can accept and authenticate the transaction (which may involve using your phone’s biometrics, which are typically, fingerprints, voice recognition, iris scanning, or face recognition). You can also choose to decline and cancel the transaction. If you move ahead, the ATM receives authorization of the transaction and issues the cash you requested — no card needed.

Another option is to use a contactless payment or digital wallet option like Samsung Pay, Google Pay, or Apple Pay. If you use one of these payment providers, they will likely use near-field communication (NFC). In this situation, you’ll hold your phone close to the ATM so your phone and the ATM can “talk” to each other. You’ll then be able to access the bank account linked to the app.

Scheduling a Cardless ATM Withdrawal in Advance

Many of us enjoy using apps to complete a mobile order and then have it waiting when we zip past the pickup spot. Think about how you might buy an espresso at the cafe in your office lobby while you’re commuting in to work, order a salad at lunchtime and then snag it after running an errand, or refill a prescription so it’s ready as you head home.

Guess what? Depending on your bank, you may be able to schedule a withdrawal in advance through your bank’s mobile app. You choose how much you want to take out before you get to the ATM. Once you schedule your withdrawal, you typically have 24 hours to retrieve it. It makes the whole process that much quicker.

Recommended: Savings Account Withdrawal Limits

Understanding the Cardless ATM Withdrawal Rules

You can access the same options for transactions with a cardless ATM as you would if you had a physical card, and the rules are similar. For example, if you have withdrawal limits for ATM use with a debit card, those same limits would be applicable for a cardless transaction.

Always be mindful of ATM withdrawal limits. They vary at each bank, with some capping at $300 and others as high as $5,000 a day. Your ATM withdrawal limit can also vary depending on your banking history or account type. For example, a new customer with a basic checking account may have a lower withdrawal limit than an established customer with a premium checking account.

Pros of a Cardless Cash Withdrawal

For sure, there are some upsides to being able to get cash without your debit card. Here are some to consider.

Convenience

It’s handy to be able to get your cash and conduct other transactions without your debit card. As long as you have your phone, you’re good to go. No need to make a trip back home if you discover when you get to the bank that you left your card at home. Cardless cash also allows you to carry around fewer cards. That can be helpful should you lose your wallet or it gets stolen.

Simplicity and Savings

With cardless ATMs, you can have access to all your bank accounts at multiple financial institutions. Say you have two different bank accounts, and the card you need for one is at home. No worries. Your phone will unlock your banking for you.

Also, if you’re not near an in-network ATM for the card you have on you, you can use a different account and avoid an out-of-network ATM fee.

💡 Quick Tip: Bank fees eat away at your hard-earned money. To protect your cash, open a checking account with no account fees online — and earn up to 0.50% APY, too.

Less Contact

In these times when there are still some concerns about COVID-19 and germs in general, not having to insert your card into an ATM is a plus. Less touching of surfaces that have seen a lot of potentially germy fingertips can be a good way to go.

Security

You may sleep easier at night because there’s no chance of card skimming since you’re not swiping your card. What’s more, you may be able to avoid entering your PIN. That’s a plus since you don’t have to worry about hidden cameras or lurkers getting your digits.

Cons of a Cardless Cash Withdrawal

Carldess cash withdrawals also have some downsides. Here’s a closer look.

Accessibility

Not every ATM has cardless capabilities, and your bank may not have cardless ATMs that are convenient to where you live or work. Before you decide to go the cardless route, you’ll want to investigate what your financial institution offers in terms of cardless ATM access. Also, if you travel frequently, you may not always be able to find a cardless ATM when you need one. While cardless ATMs aren’t rare, they also aren’t everywhere.

Potential for Scams

Your phone will contain additional sensitive information if you go the cardless route. If you lose your phone or it is stolen, that information could be at risk. While there are plenty of safeguards and security measures, like biometric security and two-factor authentication, you’ll want to report a lost or stolen phone to your bank immediately.

May Need a Phone Upgrade

Are you one of those people who stand in long lines for the latest, greatest smartphone release? You’re probably If you regularly upgrade your phone to the latest model, you’re probably going to do fine with cardless withdrawals. But if you tend to hold onto your phone for a long time, you may need an upgrade that can handle your bank’s app and NFC, when required. Otherwise, your device may not be capable of cardless transactions.

Pros of Cardless Withdrawals

Cons of Cardless Withdrawals

Convenience Need a cardless ATM
Simplicity and savings Potential for scams
Less ontact May need a newer phone
Security

The Takeaway

Cardless withdrawals are another way technology can help simplify your finances. All you need to access the cash in your checking or savings account is a smartphone, your bank’s app, and an ATM — no debit card required.

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

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

FAQ

Do banks do cardless withdrawals?

Yes. Some ATMs offer cardless withdrawals. Cardless ATM machines look like any other ATM but allow you to get cash even if you don’t have a debit card. You just use your smartphone and banking app. To find a cardless ATM, look for the contactless sticker.

How do I use a cardless ATM?

You begin a cardless withdrawal by using your bank’s mobile app. Depending on the particular app and bank network, your transaction may involve entering a PIN, scanning a QR code, and/or implementing biometrics (such as fingerprints, voice recognition, iris scanning, or face recognition) to initiate your transaction. You can then receive your funds.

If you use a payment provider like Apple Pay, which uses near-field communication (NFC), you’ll hold your phone close to the ATM and access the bank account linked to the app.

Can I withdraw money without an ATM card?

Yes. Many ATMs and checking accounts allow cardless withdrawal, which means you can get cash without a debit card. You just use your smartphone and your banking app to access your account. You can also complete any other tasks that you would do at a typical ATM.


Photo credit: iStock/hsyncoban

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

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

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

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

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

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


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.

Our account fee policy is subject to change at any time.
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.

SOBK0124032

Read more
woman at atm

Guide to the Differences Between Fintech vs Banks

Fintech refers to companies that use new technologies vs. traditional methods in order to deliver financial services. The name is derived from the words “financial’ and “technology,” and the combination has certainly caught on, with 80% of Americans saying they use some form of technology to manage their money.

Read on to learn more about fintech and how it impacts the role of traditional banking.

Key Points

•   Fintech companies utilize modern technologies to offer enhanced financial services, contrasting traditional banking methods.

•   North America and Asia, particularly China and Singapore, are leading regions in fintech innovation due to favorable conditions.

•   Fintech innovations are disrupting traditional banking by offering services like mobile banking and AI, pushing banks to adapt.

•   Traditional banks are regulated and insured, providing a sense of security for customers, which fintech may lack.

•   Fintechs offer convenience and broader reach through digital platforms, unlike banks that may have physical branch limitations.

What Is Fintech?

As briefly noted above, fintech refers to using technology in money management. There are various kinds of fintech, from services that protect your finances online to apps that transfer money. Typically, these services can make it quicker, easier, and more secure to wrangle your finances.

What Types of Fintech Succeed

The fintech enterprises that usually get the most attention (and the most investment money) are the ones that are specifically designed to be a threat to traditional banks.

The hope is that these startups can bring more flexible and faster service, and make traditional banking a more acceptable and even enjoyable experience. There are also fintech businesses that specialize in tracking spending, rounding up your payments to help you save, and simplify money transfers (think of PayPal, for instance).

Where Is Fintech Concentrated?

North America produces the most fintech startups (thank Silicon Valley), with Asia, particularly China, coming in at a close second. Singapore is another major player in Asia and on the global stage, thanks to tax benefits, government assistance, and access to regional markets.

Fintech As Disruptor

Fintech has been chipping away at the formerly sturdy foundation of traditional banks. Mobile banking innovation, artificial intelligence, and other tech tools are leading the disruption parade for brick-and-mortar banks. Many of these traditional banks are working to adopt new services and expand their offerings to stay competitive.

Post-COVID, fintech investment boomed considerably, as people sought remote ways to manage and move their money. In the last year or so, however, KPMG data shows considerable slowing of investment as many technologies have become established as basic services.

💡 Quick Tip: Typically, checking accounts don’t earn interest. However, some accounts do, and online banks are more likely than brick-and-mortar banks to offer you the best rates.

Is Fintech Going to Overtake Traditional Banks?

Gartner, a global research and advisory firm, has said that banking as a service (BaaS) will hit mainstream adoption within the next year or two, as banking is transformed by digital technology.

Traditional banks face a risk of failure if they continue to maintain 20th-century business and operating models, but many are adapting and incorporating new technologies.

Banks have been closing branches as people can perform more functions online or via mobile apps. In one recent year, almost 3,000 branches closed nationally. This pace may continue as financial management becomes more digitized.

Get up to $300 when you bank with SoFi.

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


How Traditional Banks Work

Next in considering fintech vs. banks, take a closer look at traditional banks. These financial institutions usually focus on their business priorities and client services, rather than how to streamline, digitize, and accelerate their business. For retail banks, they may offer checking and savings accounts, home loans, and other services that help in day-to-day money management.

In pursuing these functions, banks are regulated by national or central banks. This can promote a feeling of security, knowing there are guidelines that banks must follow. Fintechs, however, may not be subject to review and regulation in this way.

Also, banks are typically insured by either the Federal Deposit Insurance Corporation (FDIC), and credit unions are covered by the National Credit Union Administration, or NCUA. This can give customers the knowledge that, in the very rare occurrence of a financial institution failing, they are covered for $250,000 per account holder, per account ownership category, per insured institution.

Also, traditional banks provide personalized service. You can go to a branch and discuss your needs or concerns with a customer service rep. You can have that human contact that can be hard to find with some fintech companies.

One last point: Banks typically have a smaller reach than fintech. For instance, a mobile security app could be in a majority of mobile devices across the country. But you might actually keep your money with a local bank that only has a couple of branches.

Fintechs vs Banks

Here’s a little more detail on how fintech vs. banks compare.

Similarities

Both banks and fintech can play a role in the typical person’s financial life. They may allow people to securely store, spend, and save money. They can service to enable transactions, whether paying a friend back for your share of dinner or securing a car loan.

They also each work to meet a consumer need and make finances easier to manage and help customers grow their wealth.

Both traditional banks and fintech can play a key role in both personal banking and the overall economy.

Differences

That said, there are considerable differences. Banks typically hold and lend money, while fintech may simply accelerate a process, make it more convenient, or otherwise enhance its accessibility.

Banks tend to have financial regulations in place, while fintech often does not.

Another point of difference between banks and fintech: Banks traditionally have brick-and-mortar locations and in-person support. For that reason, they may have more limited reach or only operate in a given region.

Not all fintechs offer in-person support, and you may find varying degrees of support by phone, email, and chat. They may, however, have a broader reach since they aren’t limited by location.

Here’s how this information looks in chart form:

Traditional Banks vs Fintech

Similarities

Differences

Both deal with financial transactionsBanks focus on transactional, saving, and lending needs of customers; fintech may focus on other aspects, such as mobile app security
Both aim to improve customers’ money management Banks are heavily regulated; fintechs may not be regulated at all
Banks often provide in-person customer support, but fintechs may not
Banks may have more limited reach than some fintechs

3 of the Latest Fintech Trends

Here are some of the latest trends in fintech:

1. Digital-Only Banks

Influenced by mobile banking, banks with no brick-and-mortar branches are increasing in popularity and acceptance. This year, almost 400 million people are projected to use their services. These banks can be as regulated, insured, and secure as traditional banks, but they often allow for easier, on-the-go mobile management. Because they don’t have branches and the subsequent expenses related to those, they can often pass the savings on to their clients with higher interest rates on accounts, for example.

2. Artificial intelligence (AI)

AI tech can automate data analysis, saving time, money and drudgery. It’s also used to create chatbots to assist in customer service and robo-advisors to help with investing. AI can also help detect fraud by monitoring patterns of customer behavior.

3. Biometric Technologies

Biometric technologies can provide ways to authenticate and protect financial and other digital transactions. Facial recognition is one option; voiceprints and fingerprints may also be used. This kind of technology can make logging into an app or conducting a transaction easier, faster, and more secure. It can help fight bank fraud.

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

Fintech Rising In Developing Countries

In the developing world, not everybody has access to a bank account or a traditional banking system. Fintech banking alternatives can deliver solutions. For example, parts of Africa lack traditional banking infrastructure. For this reason, according to the World Economic Forum, Africa is the world leader in mobile and digital banking.

Mobile phone companies often allow customers to transfer cash-convertible phone credits to each other, too. These phone credits act as a digital medium of exchange — the payment structure and its support fintech is the mobile phone network itself.

Traditional Banks Are Seeing The Future and Feeling The Pain

Traditional financial services are paying close attention. Consumers, especially younger ones, are expecting more technology and personalization when it comes to their financial services. A growing group of entrepreneurs and startups are answering the call.

Many traditional financial institutions are adopting digital and mobile tools to serve their customers’ needs and make the user experience more nimble. This collaboration between traditional banks and fintech could help banks stay relevant.

How Traditional Banks Are Responding

Most traditional banks got with the program at least on a basic level. They know to offer mobile apps, electronic online bill payment, and other digital services. They’re also experimenting with fintech such as voice adaption to pay bills and to make transfers. The challenge remains in keeping these programs safe, fresh, and user-friendly when fintech innovation is happening at such a swift pace.

At least for now, banks may retain the advantage of recognizable brands and large customer bases, particularly older clients who have grown up doing business with human tellers in brick-and-mortar locations.

What they still haven’t completely mastered are faster transaction times, lower costs and a better customer experience. Also, younger generations have grown up using tools like online-only banks, Venmo, and the like, so it may be hard to convince them to bank with a brick-and-mortar institution.

The Need for The Best of Both Fintech and Traditional Banks

As you may have thought, a collaboration between traditional and online banks and fintech services could promise consumers the best of both worlds. Just as you can shop online or stop into a brick-and-mortar store, you may want to do your daily money management via an app but stop into a branch to meet with a loan officer to discuss the different types of mortgages when you are shopping for a home.

The prospect of having the best of both worlds, and having these two types of businesses work to solve customer pain points and enhance their wealth, is an exciting one.

Traditional Banks Are Keeping More of Your Money

While traditional banks continue to attempt to adjust to the digital age, they’re likely not giving customers a break financially. Typically, they pay less in interest when you keep your money with them than, say, online-only banks, or have more requirements (such as loftier minimum deposits and balances) to earn higher rates. Typically, banks make more money when they pay lower interest rates vs. the competition.

An example: Currently, traditional savings account interest rates are averaging 0.47% in March 2024, according to the FDIC. Online banks, however, may pay between 4.00% and 5.36% or even higher.

SoFi Checking and Savings

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


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

FAQ

What is the difference between a bank and a fintech?

Traditional banks are highly regulated, have brick-and-mortar locations with in-person customer service, and may be limited in their range. They usually offer ways for consumers to save, spend, and borrow. Fintechs can be digital or mobile services, and may focus on just one aspect of finances, such as securing apps.

Why is fintech better than traditional banks?

If a fintech is an online-only bank, it may be more convenient to use and offer higher interest rates on deposits, since it doesn’t have to spend money on brick-and-mortar locations.

Is fintech the future of banking?

Fintech is contributing to the future of banking, but traditional banking, with its regulations and customer service, will likely still have a place in many people’s financial lives 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 recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

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

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

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

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

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


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

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.

SOBK0423027

Read more
TLS 1.2 Encrypted
Equal Housing Lender