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Riding around on a jet ski offers a fun way to explore the shore that is more budget-friendly than many boats. Still, top models can come with a hefty price tag, ranging from about $7,000 to $25,000.

If you’re considering buying your very own personal watercraft (PWC), jet ski financing could be the way to go. Let’s take a look at several financing options, maintenance costs, and factors to consider when choosing the solution that’s right for you.

Types of Jet Ski Financing Options

If paying cash for a jet ski or other PWC upfront isn’t in the budget, financing is always an option. Here are some jet ski financing solutions that can help make your purchase more manageable.

Personal Watercraft (PWC) Loan

Generally available from a bank, credit union, or online lender, a PWC loan is a secured loan with the watercraft as collateral. This means if you miss your monthly loan payments, the lender could repossess your jet ski.

The terms for a PWC loan depend on your credit score, debt-to-income (DTI) ratio, down payment amount, and loan amount.

Credit Card

If you plan to pay off your jet ski soon, using a credit card with a 0% APR promotional period may be an avenue worth exploring. These promotions usually last around 12 to 21 months. However, if you don’t pay off the full amount by the end, you’ll start paying the regular interest rate, which can be high.

Note that the credit card company can cancel your 0% rate if certain conditions aren’t met. They might even add a penalty rate, which is often higher than the regular rate on your card.

Financing Through a Manufacturer

Some watercraft manufacturers, like Sea-Doo, offer financing options. Some may even offer qualifying borrowers deals like 0% interest for a limited time, such as 12 months. As with a no-interest credit card, this could be a good financing option to consider if you’re able to pay off the charge before the promotional period ends. Otherwise, when it ends, you could get hit with high interest rates.

Personal Loan

Personal loans, another option for financing a jet ski, are typically offered through banks, credit unions, and online lenders.

You receive a lump sum of money upfront, and the funds can be used for nearly any reason. You’ll pay the money back in fixed monthly payments with interest. The loan terms and interest rate usually depend on factors like your credit score, income, and the amount of debt you currently have.

Unlike, say, many auto loans, personal loans are often unsecured, which means you won’t need to use your watercraft or any other asset as collateral.

Recommended: Does Loan Purpose Matter?

Factors Affecting Jet Ski Loan Terms

Planning on using a loan to pay for a jet ski? Personal loan requirements can differ by lender but commonly include the following:

•   Credit score: This three-digit number helps lenders decide how likely you are to pay back the loan. A higher credit score, such as 670 or above, can show lenders that you’re a less-risky choice, which could help you get better rates and terms.

•   Down payment: Some loans require a down payment, which is the amount you pay upfront toward the purchase.

•   Debt-to-income ratio (DTI): Your DTI shows lenders how much of your income goes toward monthly debt payments. To find yours, add up your minimum monthly debt payments and divide by your monthly income before taxes. Lenders generally prefer to see a DTI less than 36%.

•   Loan term: Lenders often offer terms from two to seven years for financing a personal watercraft. Larger personal loans usually have longer repayment terms.

How to Apply for Jet Ski Financing

Before you apply for PWC financing, check your credit score, as it’s one of the key factors in getting approved. You can check yours for free through your bank, credit card company, money tracker app, or credit counselors.

You’ll also want to review your credit report, which likely won’t include your credit score but does contain personal information like your credit account history, credit inquiries, collections, and bankruptcies. You can access your credit report for free each week from each of the three main credit bureaus via AnnualCreditReport.com. Review the report, and be sure to dispute any errors you see.

Required Documents

Some lenders let you prequalify, which can give you an idea of the rate and terms you may be eligible for. They’ll usually do a soft credit check, which doesn’t impact your credit score.

To prequalify, you’ll typically need to provide the lender with basic information, including your:

•   Name and address

•   Employment details

•   Income

•   Social Security number

Whether you’re shopping for a jet ski loan or vacation loans, it’s best to gather several different quotes so you can compare options and find the best fit for your needs and budget.

Application Process

Once you’ve determined which loan you want, you’ll submit a formal application. The lender will then perform a hard credit check, which may cause a temporary dip in your credit score. They’ll also review your debt-to-income ratio (DTI), which shows how much of your monthly income goes toward paying debts.

Once approved, you’ll receive your loan agreement. Carefully review it, and ask your lender about anything you don’t understand before signing on the dotted line.

Recommended: Pros and Cons of Personal Loans

Comparing Financing Options

When it comes to paying for a jet ski, you have no shortage of options. Parsing the choices available to you — and figuring out which one fits your needs and budget — can take some work. Here are some questions to consider as you compare your jet ski financing options:

•   What is the APR?

•   What will my monthly payments be? (A personal loan calculator can show you how your monthly payment can change based on your interest rate and loan terms.)

•   How long will I have to repay the loan?

•   Are there any extra fees?

•   Is there a prepayment penalty?

•   Will I need to use the jet ski or another asset as collateral?

Costs Associated with Jet Ski Ownership

Buying a jet ski is just the beginning of the costs involved. At a minimum, it requires routine maintenance, a safe place to be stored, and insurance.

Here are some of the jet ski ownership costs to include in your budget:

•   Insurance: You’ll need to buy insurance to protect yourself, your jet ski, and cover any liability. The cost of insurance typically depends on factors like the make and model of your jet ski, your past claims, and the purchase price. Liability-only starts at $100/year.

•   Maintenance: From basic servicing to simple repairs, you’ll want to budget for the cost of upkeep on your watercraft. Additionally, if you live in a colder area, you might need to pay for winterizing and storing your jet ski during the off-season.

•   Gas: Fuel costs depend on your location, how often you ride, and the type of fuel you need. On average, you can expect to pay around $45 to fill up a watercraft with a 15-gallon tank.

•   Trailer: To transport your jet ski from home to the marina, you’ll need a way to move it. A trailer can help you do that. Trailer costs can range from a few hundred to a few thousand dollars, depending on the features you want.

Tips for Getting the Best Jet Ski Loan

When you’re looking to finance a jet ski, it can be helpful to remember that terms, rates, and extra benefits vary from lender to lender. The following strategies can help you position yourself for more favorable terms.

Improve Your Credit Score

Lenders pay close attention to your credit score when deciding if you qualify for a loan and what interest rate you’ll get. Generally speaking, a higher credit score often translates to better rates. To help build up your score before applying, consider strategies like making consistent, on-time payments, paying down as much debt as possible, keeping old accounts open, and lowering the amount of available credit you use.

Save for a Down Payment

Setting aside money for a down payment can reduce how much you need to borrow. Moreover, a larger down payment could help you get a better rate and reduce your monthly payments. Some lenders may require a down payment of 10% to 20% of the purchase price, so it’s a good idea to check the lender’s requirements.

Shop Around

While it might be tempting, try to avoid settling for the first loan offer you see. It’s best to take your time to compare a few different lenders to find the best rates and terms. Exploring your options can help you feel confident that you’re getting the best loan available.

Alternatives to Jet Ski Financing

Financing a jet ski or watercraft isn’t the only way to enjoy some fun on the water. Here are a few other options to consider:

Save up: Instead of financing your jet ski, try saving up for your purchase. Start by deciding how much you’ll need, and set up a savings plan. Opening a high-yield savings account can help your money grow while you work toward your goal of buying your new ride.

Buy used: Even though it may take a little extra research, buying a used jet ski can help you get out on the water for less money. New jet skis and other watercraft typically lose value as soon as they hit the waves, so a well-kept used jet ski can be a sound alternative. J.D. Power recommends looking for a used model that is less than five years old or with only around 100 hours of use.

Rent: Deciding to rent a jet ski is a much cheaper option than buying one, especially if you jet ski only occasionally. This way, you pay only for the time you use it and avoid yearly maintenance and storage costs.

Considerations Before Financing a Jet Ski

Cost isn’t the only thing to think about when buying a jet ski. Other things to consider include where you will store your watercraft. Jet skis need a secure place when they’re not in use, whether it’s in your garage, at a marina, or in a storage facility. Consider both your available space and the storage costs.

Also think about how often you’ll realistically use the jet ski and where you’ll take it. Will it be a weekend hobby, or are you planning to use it just a few times a year? Knowing how often you’ll use it can help you decide if financing a jet ski is worth the investment.

The Takeaway

Buying a jet ski is exciting, but it’s important to think about how you’ll pay for it. Before you dive in, check out all your jet ski financing options so you can find one that fits your budget. It’s also a good idea to shop around to compare the rates and terms offered by different lenders.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

SoFi’s Personal Loan was named a NerdWallet 2026 winner for Best Personal Loan for Large Loan Amounts.

FAQ

What credit score do I need for jet ski financing?

Most lenders look for a credit score above 600 to approve a jet ski loan. However, having a score over 670 may help you qualify for better rates, which could help you save money on interest in the long run.

How long are typical jet ski loan terms?

Loan terms vary by lender, but you can usually find terms up to seven years. Note that while longer terms can lower your monthly payments, they may also increase the total interest you pay over the life of the loan.

Can I get jet ski financing through a dealership?

Yes, many dealerships offer financing options, but they may work with a third-party lender to provide the financing. This means you’ll still need to meet the third-party lender’s approval requirements to qualify for a loan.

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Photo credit: iStock/Andrija Dobras

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

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.

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

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

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The Free Application for Federal Student Aid, or FAFSA®, is a form students should fill out each school year to apply for college grants, work-study programs, federal student loans, and certain state-based aid.

Typically, the FAFSA becomes available on October 1 for the following academic year. The 2025-2026 academic year was an exception. Due to form revisions and adjustments to how student aid is calculated, the application wasn’t available until December 31, 2024. The three-month delay had a domino effect, pushing out deadlines for college admissions and financial aid offers.

For the 2025-2026 school year, the FAFSA will be released in phases. Some students will get access on October 1, 2025, with the remainder able to apply on or before December 1.

Try not to let the staggered rollout throw you off your game. If you fail to complete the form or miss the FAFSA deadline, you may not receive financial aid that could help you pay for college. In fact, you should aim to fill out your FAFSA as early as possible, since there is a limited amount of aid available.

Read on for updated federal, state, and institutional FAFSA deadlines to know.

What Is the FAFSA?

The FAFSA is the online form that you must fill out to apply for financial aid from the federal government, state governments, and most colleges and universities. The form requires students and their parents to submit information about household income and assets. That information is used to calculate financial need and determine how much aid will be made available.

If you are a dependent student, you will need to submit your parents’, as well as your own, financial information. If you are considered independent, you are not required to submit your parents’ financial information.

If you are already in school, remember that the FAFSA must be filled out every year, even if your income and tax information haven’t changed.

Federal financial aid includes student loans, grants, scholarships, and work-study jobs. In general, federal and state aid requires that students:

•   demonstrate financial need. Though there is some non-need based aid, such as unsubsidized student loans.

•   be a U.S. citizen or an eligible noncitizen.

•   be enrolled in a qualifying degree or certificate program at their college or career school.

For further details, take a look at the basic eligibility requirements on the Student Aid website .

FAFSA Open Date and Deadline

ASAP: File Your FAFSA for Next Year

Generally, it makes sense to submit the FAFSA promptly after the application release. Some aid is awarded on a first-come, first-served basis, so submitting it early can improve your chances of receiving financial help for college.

May 1: College Decision Time

May 1 is traditionally National College Decision Day, when applicants must inform the colleges they applied to whether they’ll be attending. Make sure you understand the deadlines for the colleges you applied to — they may be different.

June 30: File Your FAFSA for Last Year

You must file the FAFSA no later than June 30 for the school year you are requesting aid for. For the academic year 2025-26, you must file by June 30, 2026, at the very latest.

This FAFSA deadline comes after you’ve already attended and, likely, paid for school. You generally don’t want to wait this long. However, if you do, you can often receive grants and loans retroactively to cover what you’ve already paid for the spring and fall semester. In some cases, you may be able to apply the funds to pay for summer courses.

State and Institutional FAFSA Deadlines

Individual states and colleges have different financial aid deadlines — which may be much earlier than the federal deadline. Here’s a look at two other key FAFSA deadlines to know.

Institutional FAFSA Deadlines

While students have until the end of the school year to file the FAFSA, individual schools may have earlier deadlines. That means you need to get your FAFSA application in by the school’s date to be considered for the college’s own institutional aid. So if you are applying to several colleges, you may want to check each school’s FAFSA deadline and complete the FAFSA by the earliest one.

While filling out your FAFSA, you can include every school you’re considering, even if you haven’t been accepted to college yet.

State FAFSA Deadlines

States often have their own FAFSA deadlines. You can get information about state deadlines at
Studentaid.gov . Some states have strict cutoffs, while others are just best-practice suggestions — so you’ll want to check carefully. States may have limited funds to offer as well.

Federal FAFSA Deadline

Typically, the FAFSA becomes available on October 1, almost a full year in advance of the year that aid is awarded. For the 2025-26 academic year, the FAFSA opened a few months later than usual. However, the federal government gives you until June 30 of the year you are attending school to apply for aid.

It’s generally recommended that students fill out the FAFSA as soon as possible after it’s released for the next school year’s aid to avoid missing out on available funds. Plus, as noted above, there are often earlier school and state deadlines you’ll need to meet.

Taking the Next Steps After Submitting the FAFSA

So what happens after you hit “submit” on your FAFSA? Here’s a look at next steps:

•   Wait for your Student Aid Report (SAR) . If you submitted your FAFSA online, the U.S. Department of Education will process it within three to five days. If you submit a paper form, it will take seven to 10 days to process. The SAR summarizes the information you provided on your FAFSA form. You can find your SAR by logging in to fafsa.gov using your FSA ID and selecting the “View SAR” option on the My FAFSA page.

•   Review your SAR. Check to make sure all of the information is complete and accurate. If you see any missing or inaccurate information, you’ll want to complete or correct your FAFSA form as soon as possible. The SAR will give you some basic information about your eligibility for federal student aid. However, the school(s) you listed on the FAFSA form will use your information to determine your actual eligibility for federal — and possibly non-federal — financial aid.

•   Wait for acceptance. Most college decisions come out in the spring, often March or early April. If you applied to a college early action or early decision, you can expect an earlier decision notification, often around December. Typically, students receive a financial aid award letter along with their acceptance notification. This letter contains important information about the cost of attendance and your financial aid options. However, due to the FAFSA delays, you may be waiting longer on your financial aid offer.

Understanding Your Financial Aid Award

Receiving financial aid can be a great relief when it comes to paying for higher education. Your financial aid award letter will include the annual total cost of attendance and a list of financial aid options. Your financial aid package may be a mix of gift aid (which doesn’t have to be repaid), loans (which you have to repay with interest), and federal work-study (which helps students get part-time jobs to earn money for college).

If, after accounting for gift aid and work-study, you still need money to pay for school, federal student loans might be your next consideration. As an undergraduate student, you may have the following loan options:

•   Direct Subsidized Loans Students with financial need can qualify for subsidized loans. With this type of federal loan, the government covers the interest that accrues while you’re in school, for six months after you graduate, and during periods of deferment.

•   Direct Unsubsidized Loans Undergraduates can take out direct unsubsidized loans regardless of financial need. With these loans, you’re responsible for all interest that accrues when you are in school, after you graduate, and during periods of deferment.

•   Parent PLUS Loans These loans allow parents of undergraduate students to borrow up to the total cost of attendance, minus any financial aid received. They carry higher interest rates and higher loan origination fees than Direct Subsidized and Unsubsidized Loans.

If financial aid, including federal loans, isn’t enough to cover school costs, students can also apply for private student loans, which are available through banks, credit unions, and online lenders.

Private loan limits vary by lender, but students can often get up to the total cost of attendance, which gives you more borrowing power than you have with the federal government. Each lender sets its own interest rate and you can often choose to go with a fixed or variable rate. Unlike federal loans, qualification is not need-based. However, you will need to undergo a credit check and students often need a cosigner.

Keep in mind that private loans may not offer the borrower protections — like income-based repayment plans and deferment or forbearance — that come with federal student loans.


💡 Quick Tip: Parents and sponsors with strong credit and income may find much lower rates on no-fee private parent student loans than federal parent PLUS loans. Federal PLUS loans also come with an origination fee.

The Takeaway

Completing the FAFSA application allows you to apply for federal aid (including scholarships, grants, work-study, and federal student loans). The FAFSA form is generally released on October 1 of the year before the award year and closes on June 30 of the school year you are applying for.

The 2025–26 FAFSA will be released to a limited number of students on October 1, 2025. All students should have access on or before December 31, 2025. That application will close on June 30, 2026. However, individual colleges and states have their own deadlines which are typically earlier than the federal FAFSA deadline. Try to submit your form as soon as possible, since some aid is awarded on a first-come, first-served basis.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

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SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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

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Sometimes, no matter how careful you are with your bank account, you may want to cancel an online payment. Fortunately, it’s often possible to do so. Even if you previously sent out a recurring automatic payment, you can typically hit the brakes on an upcoming transaction.

Many of us have learned to rely on ACH payments, which can be used for a business’s payroll, tax payments, bill payments, account transfers, and more. You may well pay many of your monthly bills — from your utilities to your streaming service subscriptions — in this way. As a result, it’s a good idea to understand how ACH works and how to stop or reverse a payment when necessary.

What Are ACH Payments?

ACH payments are a method of money transfer between banks made through the ACH or Automated Clearing House network. NACHA (the National Automated Clearing House Association) governs these transactions, which can be an alternative to other payment options, like credit cards.

With ACH, the funds come directly from a bank account. This makes payments seamless and convenient; no paper checks or postage stamps required. ACH payments are also available to both consumers and businesses alike as long as they have a U.S. bank account.

One downside of ACH transfers, though, is that they can take longer than options like a wire transfer. When you compare a wire transfer vs. an ACH payment, wired funds can transfer within a day. In terms of how long an ACH payment takes, it may be several days. However, ACH has the upper hand in terms of cost: They are generally less expensive than other payment processing methods and often free.

ACH payments can break down into two categories: ACH credit and ACH debit.

An ACH credit is like a virtual check. The payer tells the ACH network to transfer their account funds to the payee’s account. In contrast, ACH debit (the more popular version of ACH transfer) involves a recipient pulling funds from the payer’s account. (For instance, this kind of payment occurs when you authorize your car loan to be automatically debited on a certain day of each month.) Merchants often prefer this kind of automatic debiting as it reduces the possibility of late or failed payments.

Can ACH Payments Be Canceled or Returned?

So, let’s say you just moved and forgot to cancel your gym membership at your old location. You realize that a payment is about to be sent out. Or maybe you set up a one-time payment to a vendor but notice (oops!) that you typo’d the amount? Now what? Can you stop or reverse an ACH payment from a checking account?

Typically, yes. This is partially possible due to the time frame of ACH transfers. ACH transfers can take multiple days to settle, and, as a result, you have more time to stop or reverse your transaction.

Rules vary by bank, but you may be able to cancel an ACH transfer over the phone, or you may need to fill out a stop payment form online or at a branch. Either way, time is of the essence. If the payment has already cleared, you’ll need to request a reversal, which is a more complicated process.

Recommended: Average Savings by Age

How to Reverse ACH Payments

Let’s look at reversing an ACH payment in a little more detail. Occasionally, an ACH transfer may involve a mistake. It’s easy to type in the wrong dollar amount or otherwise err when it comes to making payments without cash in hand. If you act quickly, you may be able to stop the payment by contacting your bank. But if the payment has already cleared your bank account, you’ll need to request a reversal.

The process for how to reverse an ACT payment will vary by bank, but here’s a look at what’s typically involved.

ACH Reversal Requirements

NACHA, the organization that oversees ACH payments, has specific qualifications that determine if an entry is erroneous. If these details are satisfied, you are then allowed to reverse your payment without an issue. To qualify, an entry must meet one of the following conditions:

•   Be a duplicate of a previously initiated entry

•   Transferred on the wrong date

•   Include a mistake in the sender or recipient’s account number

•   Transferred the incorrect amount

These scenarios cover many of the situations that would lead you to cancel or reverse a payment.

How to Stop an ACH Payment

If you want to stop a transaction, it’s actually to your benefit that ACH payments take several days to settle. This means you have some time to halt an ACH transaction if you need to. However, every bank operates differently and may have its own rules on how to stop an ACH payment. For example, you may find that your bank can cancel an ACH payment online or over the phone. But other institutions may need you to submit a physical form canceling the transaction. Check with the institution that holds your account to find out how to proceed.

You can also cancel your recurring ACH debit payments. You need to do this within three business days before the funds are due. Typically, the process involves contacting the entity expecting your payment and letting them know that you are revoking access to your bank account. Next, you’ll need to contact your own bank to let them know you are no longer allowing automated payments to this payee. You may be able to do this over the phone or you may need to fill out and submit a stop ACH payment form.

Recommended: Understanding ACH Transfer Limits for Incoming and Outgoing Transactions

How to Update Direct Deposit Details

A quick look at the other side of the coin: Let’s say you are receiving funds by direct deposit (perhaps your paycheck or government payments), and realize you need to update your details. If you have changed bank accounts — maybe you found a high-yield online savings account you can’t resist — you’ll need to let the entity that is paying you know your new info. For benefits like Social Security payments, you may be able to do this online. To update your direct deposit information with your employer, contact your company’s HR department to find out what the process is.

The Takeaway

The ACH network is a valuable payment processor that consumers and businesses in the U.S. rely on. However, situations can arise that may trigger you to want to stop or reverse a payment, such as if you had entered details incorrectly. Fortunately, it’s possible to stop ACH payments from your checking account or reverse an ACH payment. You can then notify the others impacted and get your banking transactions back on the right track again.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible 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 3.30% APY on SoFi Checking and Savings with eligible direct deposit.

FAQ

How long will it take to reverse an ACH payment?

It generally takes two business days to reverse an ACH payment. However, some cases can take longer if the transaction is disputed.

Can you amend an ACH transfer?

Yes, you can typically amend or cancel an ACH transfer by contacting your bank. If the transaction hasn’t been initiated yet, you may be able to stop it from happening. If the transfer has already cleared, you’ll need to work with your bank to reverse the ACH transaction.

How do I stop ACH payments on my checking account?

If you want to stop an ACH payment, you’ll need to contact your bank at least three days before the ACH transfer’s date. This may involve an ACH payment stop request submitted in writing. A small fee may be involved in halting the payment.

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

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

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

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

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

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

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Do you feel like your spending is out of control? It’s a common experience. It can be easy to blow your budget when you succumb to the allure of some shiny new thing (like the latest mobile phone), have an unexpected expense (a car repair, for instance), or say yes to a weekend away with friends when you don’t really have the cash.

Whether you’re struggling to stick to a budget or want to be more organized with your money, there’s never a wrong time to get your finances back on track. Setting priorities, dealing with debt, and budgeting well can help you manage your money better. Try these tips to do just that.

Why Is It So Hard to Stick to Money Goals?

Even if you create a monthly budget with the best intentions, it’s easy to get off-track along the way.

Life can be expensive! And inflation is still at work. Here are some of the ways your finances can go astray:

•   An unexpected bill hits, like a car repair or an emergency room visit

•   Your budget felt too stringent and so you abandoned it

•   Life in your city is expensive, and you’ve wound up with major credit card debt

•   Your income fluctuates too much for a budget to account for, whether that’s because you are a freelance worker or were laid off recently

•   You have a case of FOMO (fear of missing out), and when a friend invites you to join them on a pricey night out, you go with the expensive flow

•   Spending money on yourself or your loved ones is an instant mood-lifter.… Life is short, right?

Additionally, establishing new habits is always a challenge. For example, discipline is vital to eat out less or reduce grocery expenses. It’s easy to slip back into something familiar and comfortable, even if it hurts your wallet.

6 Helpful Tips for Getting Your Finances Back on Track

Even folks who closely track their spending go over their budget now and then. It happens, but diverging from your budget isn’t the main issue — how you recover is more important. So, if you’re wondering how to start getting your finances back on track, these strategies can help speed up the process.

1. Evaluate and Trim Spending

You’re not alone if you get to the end of the month wondering where all your money went. When faced with unexpected expenses, most families will experience financial hardship. According to a recent Federal Reserve report, 82% of Americans felt they could pay all their bills in a given month, down 4% vs. one year prior. That means almost one in five households feel they can’t make ends meet.

Overspending can mount quickly, pushing any budget out of balance. A few additions to the grocery cart, a few extra visits to the coffee shop, or a home repair can wreak havoc on the most carefully planned budget.

For this reason, looking at recent bills and credit card statements can help identify where you spent your money. For example, dinner with your friends at your favorite (and somewhat pricey) restaurant or back-to-school shopping for your children may have thrown off your spending plan. Identifying budget lapses can help you plan for or avoid them in the future.

You might decide to save on streaming services by dropping a platform or two from your current rotation, or you could join a warehouse club to help spend less on groceries. Or perhaps taking in a roommate for a period of time could help you cut costs and pay off debt.

2. Develop Goals and Reprioritize

Conventional budgeting advises that you look at your expenses at the end of each month. However, reviewing your checking account balance and statements once a week is more advantageous for keeping track of money coming in and going out. A weekly check-in allows you the time to change course and maintain your budget, even if the first week of the month didn’t do your budget any favors.

You might have zero experience with budgeting, and that’s okay. However, creating a budget for beginners is an excellent way to start working on getting your finances on track. Watching your cash flow can help you tweak your budget to better suit real life.

An important consideration is how much to put toward debt repayment (student loans, credit card debt, etc.) and how much you can save toward future goals, such as the down payment on a house and retirement.

3. Deal with Debt

Don’t beat yourself up if you are having trouble paying off your student loans, credit card debt, or other money that you owe. Instead, commit to delving deeper and seeing exactly how much you owe.

Depending on your particular scenario, you might look into options that could lower your student loan payments or whether you could, say, pay off high-interest credit card debt with a lower-interest personal loan. Or you might call your credit card issuer and see if you can negotiate a lower annual percentage rate, or APR.

Yes, it takes some time and energy, but recognize that you are investing in your future monetary wellness. You’re practicing financial selfcare to get back on track.

4. Find a Financial Accountability Partner

Reaching out for help is an effective way to stay disciplined. A financial coach or financial therapist can play a positive role in modifying your spending habits.

In addition, spending issues may be rooted in an unhealthy relationship with money. Finding someone who provides accountability and encouragement can be a real support as you learn smarter cash management. It can be the difference between managing your finances successfully and giving up.

Your partner could be a friend or family member who can share good advice and talk to you when you hit a speed bump financially. Or it could be a low-cost financial advisor.

Even seasoned budgeters can benefit from professional help. Those with budgeting down pat can work with a financial advisor to create a financial plan and achieve their goals, whether that’s building up an even bigger emergency fund or investing for retirement.

Recommended: Using a Personal Loan to Pay Off Credit Card Debt

5. Identify a Budgeting Method for Your Needs

Another strategy to get back on track financially is to pinpoint a budgeting method. There is no one-size-fits-all budgeting solution since everyone has a unique financial situation and personality type. So, here are a few common methods to explore.

•   50/30/20 budget. The 50/30/20 budgeting rule requires budgeters to spend 50% of their income on needs (mortgage, insurance, and car payments), 30% on wants (entertainment, shopping, and personal care items), and 20% on savings (such as retirement investments).

•   Envelope budget. With this method, you divide your spending categories into cash envelopes with a certain amount of cash in each. When the envelope runs out, you can no longer spend in the category until the next month or else you can take money from another envelope. You can adapt this method by using a debit card vs. cash. The idea here is to move away from high-interest credit cards.

•   Zero-sum budget. This method requires that you give each dollar you have coming in a job or specific purpose. Therefore, at the end of the month, you will have zero dollars left over.

•   Paying yourself first. With this method, you make your savings deposit before you pay other expenses. So, if you plan on saving 20% of your income, you put that away before using the rest of your income as you wish.

•   Line item budget. Usually, when people think of budgeting, a line item budget is the technique that comes to mind. With this method, you plug your income and expenses into an app, online spreadsheet, or notebook to track all the money you have coming in and going out. You learn and adjust as you go.

6. Grow Your Emergency Fund

One valuable way to get your financial life back on track is to know you have a financial safety net. Which is exactly what an emergency fund is. The goal is to build up to having three to six months’ worth of living expenses socked away in this kind of fund.

If you have a major unexpected expense or get laid off, the money you’ve saved (and perhaps have stowed away in a savings account) can float you and help you avoid a crisis

The Takeaway

Many people hit a moment in which they feel their money is out of control and needs to be managed better. Budgets get blown, emergency expenses pop up, and it can feel challenging to get back on track. By prioritizing your goals, trimming expenses, and budgeting better, you can get back on track toward financial wellness.

A SoFi bank account can help you streamline your budgeting efforts.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible 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 3.30% APY on SoFi Checking and Savings with eligible direct deposit.

FAQ

How do I get my finances back on track?

Getting your finances back on track can involve goal setting, budgeting, trimming expenses, and paying down debt. These steps can help you manage your money better.

How long does it take to recover financially?

How long it will take to recover financially will depend on several factors, such as how much debt you have and how much income you can put toward paying it off. Sometimes, recovering financially can be a matter of making a move, such as taking in a roommate, to lower expenses for a period of time.

How can I grow financially?

Some strategies for growing your money include using cash instead of credit, avoiding debt, paying bills on time, and eating more meals at home. Look for a financial institution that pays high interest and doesn’t charge fees. Then, apply your savings to investment accounts such as an IRA or employer-sponsored 401(k), which could grow your money over time.

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About the author

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Photo credit: iStock/Eoneren

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

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

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

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

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

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

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

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Deposit slips are often a basic part of banking, but you may not know how to use them in this era of online financial accounts. Learning how to fill out a deposit slip is a multistep process in which you write down relevant information, including your name, bank account number, and deposit amount, and submit the slip to the bank. When doing so, you’ll list your cash and checks separately.

If you have a wad of cash from earned wages or a particularly lucrative birthday, you can fill out a deposit slip at the bank to deposit the money in your account. Providing the correct information in the right spots will get the funds where they are intended. Using deposit slips is part of managing your checking account.

Here is a step-by-step guide on how to fill out a deposit slip to make your next visit to the bank seamless.

Steps to Fill Out a Deposit Slip

Before you learn how to fill out a bank deposit slip, it can be a good idea to understand what a deposit slip is anyway.

A deposit slip allows you to deposit cash and checks into your bank account or someone else’s account. It’s a piece of paper that records the amount of money being moved and where it’s going.

Fortunately, the process is straightforward, but filling out the deposit slip can be daunting if you’re unfamiliar. So here’s how to write a deposit slip, simply and properly:

1. Entering Your Personal Details & Today’s Date Slip

The first section of the slip requires your name and bank account number. If you’re depositing money into someone else’s account, know that not all banks allow this.

If it is possible, you’ll write the other person’s name and account number down, and you may need to add your name as well. You’ll also write the current date and probably have to include information about the bank branch you’re using.

2. Inputting The Amount of Your Deposit

Next, you’ll write the amount you’re depositing, counting both cash and checks. All your cash goes in one line on the deposit slip, and each individual check gets its own line.

Recommended: How Long Does Direct Deposit Take?

Optional: List Cashback Required

If you want a portion of the checks you’re depositing to go into your wallet instead of your bank account, you’ll list that portion next. For example, if you have a $50 check to deposit but want half in your pocket, you can write $25 in the designated space to subtract from your deposit.

Then, when you bring your deposit to the bank teller, they’ll hand you $25 and deposit $25 into your account.

3. Listing Each Individual Check Separately

While you’ll lump your cash together in one line, each individual check gets its own line on the deposit slip. For example, if you have a $20 bill and a quarter, you’ll write your deposit as a cash deposit of $20.25. If you also have a $50 check and a $35 check, you’ll list these in their own lines; that is, on two separate lines. So, the cash portion of your deposit would be $20.25, your first check would be $50, and your second check for $35 would be on the third line.

In addition, signing the back of each check is essential before depositing it in your account. There is a space on the back of checks at the top for your signature. The space is typically labeled ‘endorse here’ for the check recipient (that’s you) to sign. Doing so is part of properly managing your checking account; not doing so could lead to delays in the money becoming available.

4. Adding All Deposits to Get a Subtotal

Once you list your deposit items and subtract your cash back if desired, write the subtotal at the bottom. Using the example above, the total would be $105.25 if you decided to take no cash back.

5. Signing Your Deposit Slip

This final step isn’t always necessary because some banks don’t require depositors to sign their deposit slips. However, if you want cash back from your deposit, you must sign it.

6. Take Your Receipt

The teller will keep the filled-out deposit slip and give you a receipt so you can track the bank transaction deposit in your records. You might also receive a copy of the deposit slip, depending on your bank.

Do You Need a Deposit Slip to Make Mobile Deposits?

Mobile deposits are a convenient way to transfer money into the bank. They don’t require deposit slips; instead, log into your bank account on your smartphone and upload pictures of your checks to deposit them.

Keep in mind, however, that a mobile deposit processes checks, not cash. Therefore, if you have cash to deposit, you’ll need to head to the bank and fill out a deposit slip.

Recommended: Benefits of Automating Your Finances

The Takeaway

Learning how to fill out a deposit slip is a straightforward process in which you provide your name, account number, and money for deposit in the form of cash and checks.

Remember, if you solely have checks to deposit and no cash, you can use the mobile deposit feature in your banking app to deposit the checks. As a result, you’ll only have to go to the bank and fill out a deposit slip if you have cash to put into your account.

FAQ

What is written on the back of a deposit slip?

You may be able to list more checks on the back of a deposit slip if you run out of slots in the front. The back of a deposit slip often has an overflow section for you to list additional checks.

Can I print my own deposit slips?

You can print deposit slips on various online platforms and at office supply stores.

Are deposit slips the same as checks?

Deposit slips are different from checks because you use deposit slips to deposit cash and checks at the bank. On the other hand, checks are a method of payment between two parties.

Who keeps the original deposit slip?

The bank keeps the original deposit slip and typically gives you a receipt from the transaction. Some banks also give a copy of the deposit slip.

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About the author

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Photo credit: iStock/PeopleImages

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

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

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

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

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

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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