22 Search Results
22 Search Results
https://www.sofi.com/learn/content/what-does-it-mean-to-be-unbanked/
The term “unbanked” applies to an individual or household that doesn’t use a bank or credit union for financial services. An unbanked adult has no checking or savings account, relying instead on alternative financial services to pay for life’s expenses.While the urge to store cash under a mattress may be strong for some, being unbanked […]
https://www.sofi.com/learn/content/what-is-a-drawee/
A drawee in banking is the entity that has been asked to pay a sum of money to a person who presents a check or a similar financial instrument. If your employer (the drawer) were to write a check to you (the payee), the bank would be the drawee. Knowing the definition of drawee can […]
https://www.sofi.com/learn/content/what-is-a-crossed-check/
While not common in the United States, a crossed check has parallel lines running across it or across its top left corner, indicating that it is only able to be deposited, not cashed. This can provide an additional level of security and can help prevent fraud. Learn more about crossed checks and how they impact […]
https://www.sofi.com/learn/content/how-to-sign-over-a-check/
At some point in your financial life, you’re likely to want to sign over a check to someone else instead of depositing it or cashing it. Maybe you received a check but don’t currently have a bank account so a friend will cash the check for you. Or perhaps you want to endorse a check […]
https://www.sofi.com/learn/content/what-is-check-kiting/
Check kiting is the illegal act of writing bad checks using bank accounts with insufficient funds. Common variants include retail check kiting and securities-based kiting. Consumers and business owners should know about this fraudulent practice to protect themselves.While mistakenly writing a bad check is often not a serious issue, there can be harsh penalties, including […]
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